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Beijing Hyundai Motor, a collaboration between Hyundai and BAIC Motor Corp., is selling its Chongqing plant for 3.68 billion yuan ($505 million), signaling a major strategic overhaul in response to China's evolving automotive market.
According to a disclosure on the China Beijing Equity Exchange, Beijing Hyundai is putting up for sale the factory's land use rights, equipment, and other facilities located in the southwestern city of Chongqing. Established in 2017 through a joint venture with Beijing Automotive Group Co, the plant boasts an annual production capacity of 300,000 units.
Facing the challenging market conditions in China, Hyundai Motor expressed its commitment to enhance profitability by optimizing its production lineups. "Hyundai Motor has been pursuing various measures to improve sales performance in China. We plan to strengthen our efforts to improve profitability through optimizing the operation of our production lineups," a Hyundai Motor spokesperson stated. As of now, no specific buyers or sale schedules have been finalized, the spokesperson added.
This strategic move follows Hyundai's announcement in June to restructure its China business further, focusing on maximizing profitability. Previously, Hyundai had a total of five plants in China, but the automaker has already sold one of them in 2021. In the future, Hyundai aims to streamline its operations, eventually operating just two plants optimized for production and exports to emerging markets.
Over the past few years, Hyundai and its affiliate Kia have faced challenges in China, with declining vehicle sales due to the market's shift towards electric vehicles. Amidst this downward trend, Tesla stands out as the only foreign brand that has increased its market share in China, according to Chinese industry data.
In July, China's passenger vehicle sales experienced a second consecutive month of contraction, as a price war and fragmented government measures failed to incentivize consumers. Beijing Hyundai's decision to sell its Chongqing plant reflects its strategic response to adapt and thrive in this challenging market environment.
Photo: RAPHAEL MAKSIAN/Unsplash
