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Hyundai Motor’s China joint venture sold its Chongqing plant for 1.62 billion yuan, half the price of the plant when it went public in August. The factory was sold to a municipal government-backed entity, marking Hyundai’s efforts to optimize its operations in China.
Hyundai and Kia Motors face difficult decisions in China, where only 5% of total sales are due to the transition to electric vehicles, despite being the world’s largest car market. The original price of the plant was 3.68 billion yuan, but two months later it was reduced to 2.58 billion yuan, and it was finally sold for 1.62 billion yuan, and the transaction was completed at the end of last year.
(Source: Bloomberg Image source: freepik)
