Hyundai China Sales Drop 77% in Six Years
FAR EAST: SOUTH KOREA REPORT
South Korea’s Hyundai Motor has announced that it will sell two plants in China. Beijing Hyundai, a joint venture with China’s state-owned auto giant Beijing Automotive Group, will reduce the number of plants in operation to two. Sluggish sales in the Chinese market have prompted the company to make structural reforms.
Hyundai Motor’s sales in China were 260,000 units in 2022; in 2016 it sold 1.13 million units, a 77% decline in six years.