Live
- NASA Tracks Five Giant Asteroids on Close Approach to Earth Today
- Pushpa 2 Hits ₹1000 Crore in 6 Days: How It Compares to Other Top Indian Films
- Vivo X200 and X200 Pro Launched in India: Price, Specifications, and Features
- Nitin Gadkari Admits Feeling Embarrassed at Global Summits Over Rising Road Accidents in India
- Comprehensive Review on Indiramma Housing Survey and Welfare Initiatives Conducted via Video Conference
- Jogulamba Temple Records Rs 1.06 Crore Hundi Revenue in 150 Days
- Opposition Slams ‘One Nation, One Election’ Bill as Anti-Democratic; BJP Allies Support the Move
- Celebrate Karthigai Maha Deepam Virtually with Sri Mandir’s LIVE Darshan Experience
- BJP Extends Support to Samagra Shiksha Abhiyan Employees' Strike, Demands Immediate Regularization and Welfare Benefits
- Dr. M. Priyanka Stresses Quality Education, Nutritious Meals, and Cleanliness in Schools
Hyundai Motor sells one of its plants in China for around $221 mn
South Korea's top carmaker Hyundai Motor has sold one of its plants in China as part of a business reorganisation strategy in the world's biggest auto market.
Seoul: South Korea's top carmaker Hyundai Motor has sold one of its plants in China as part of a business reorganisation strategy in the world's biggest auto market.
Beijing Hyundai Motor, Hyundai's joint venture with China's Beijing BAIC Motor, sold the Chongqing plant to an industrial park developer based in the central Chinese city for some 296 billion won ($221 million) at the end of last year, according to Hyundai Motor.
The plant with an annual capacity of 300,000 units went online in 2017, but was put up for sale in June last year amid slowing demand, reports Yonhap News Agency.
"Hyundai Motor is trying to boost business efficiency in China and the sale is part of its efforts to improve profitability through the rationalisation of production," a company official said.
Hyundai Motor, whose sales in China reached 1.14 million units in 2016, has been suffering from slumping sales since 2017 over a diplomatic dispute between Seoul and Beijing over the deployment of a US anti-missile system in South Korea.
Hyundai Motor operated five plants in China at its peak but sold one of them, the number 1 Beijing plant, in 2021 in the wake of plunging demand. The company reportedly plans to sell its plant in the southern Chinese city of Changzhou in line with its business reorganisation strategy.
