Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com, June 22 (Xinhua)-- Hyundai has announced the sale of two factories in China, which means Hyundai has only two production facilities in China, less than half of its peak, the Nippon Keizai Shimbun reported.

▲ Tuyuan: Hyundai reports that Hyundai is selling two factories in China, a joint venture with Beijing Motor. Hyundai currently has two factories in China. Hyundai said the closure and sale of the plant was due to weak sales and the need to press ahead with structural reforms.

▲ Touyuan: Hyundai reported that Hyundai sold 1.13 million vehicles a year in China in 2016, but only 260000 in 2022, a decrease of 77 percent in six years. According to the report, Hyundai began production in China in 2002. in its heyday, in addition to three factories in Beijing, Cangzhou in Hebei Province and Chongqing also had one factory each, with a total production capacity of 1.65 million vehicles.

▲ Touyuan: Hyundai, however, Hyundai's sales in China have been in the doldrums since the second half of the 2010s, selling the No. 1 factory in Beijing to ideal cars for 6 billion yuan in 2021, closing factories in Chongqing in 2022, and closing the Hebei plant this year. CTOnews.com noted that Hyundai wants to reduce the number of models sold in China to eight models and sell high-end cars in Shanghai, which has high consumption power.

▲ source: according to another interface news report, Hyundai quoted Samsung Securities as saying that although Hyundai's sales in China are not as expected, accounting for only 5% of Hyundai's global sales in 2022, its production capacity in the United States and India may continue to increase in the next few years, and Hyundai's global sales are expected to reach 9.2 million in 2026.

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