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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Group sold its Chongqing plant in China for 300 billion won. As the first plant in Beijing was sold in 2021 and the Chongqing plant was sold, the number of factories in China decreased from five to three.
According to the industry on the 17th, Beijing Hyundai, Hyundai's Chinese joint venture, disposed of its Chongqing plant for 1.62 billion yuan at the end of last year. The Chongqing plant was sold to Yufu Industrial Complex Construction Co., Ltd. in Liangjiang New District, Chongqing. At the end of August last year, Hyundai Motors put its land use rights, equipment and other facilities at its Chongqing plant up for sale.
The Chongqing plant, completed in 2017, is the fifth local plant built by Hyundai Motor with 1.6 trillion won. The annual production capacity reaches 300,000 units, but it has been shut down since December 2021 due to sluggish sales in China.
Hyundai Motor's disposal of its Chongqing plant is in line with its business strategy to boost profitability.
Hyundai Motor is pushing to reorganize its business, including the sale of its plant in China, which is suffering from a slump.
With the disposal of the Chongqing plant, three local plants, including the second and third plants in Beijing and the factory in Changzhou, will remain. Hyundai Motor plans to sell its plant in Changzhou within this year. The second and third plants in Beijing are expected to serve as export bases targeting the Southeast Asian market through production efficiency.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
