Hyundai Sells China Plant for Half Price
By Kwanwoo Jun and Jiahui Huang
Hyundai Motor sold a factory in Chongqing for less than half the amount sought initially, as it pushed to streamline operations in China.
The South Korean carmaker's China-based joint venture sold its Chongqing plant to Yufu Industrial Complex Construction, a local government-backed entity, for 1.62 billion yuan ($225.9 million). It had sought CNY3.68 billion for the factory, according to Hyundai officials in Seoul on Wednesday.
"Beijing Hyundai Motor sold its plant in Chongqing, China, late last year as part of its continued efforts to optimize operations in China," Hyundai Motor said in an email statement.
Yufu officials weren't immediately available for comment.
The latest sale brings the number of Hyundai Motor factories in China to three from five.
The Chongqing plant, which began operating in August 2017, is the second Hyundai Motor-invested factory sold in China. Hyundai sold one of its plants in Beijing in 2021.
The South Korean auto manufacturer has recently suffered from sluggish vehicle sales in China.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
January 17, 2024 02:20 ET (07:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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