CHINA: Beijing Hyundai is latest car maker to slash prices
Beijing Hyundai Automobile, a 50:50 joint venture between Beijing Automotive Industry Holding Corporation (BAIC) and South Korea's Hyundai Motor Group, is slashing prices on nearly all its models by an average of 10% to keep pace with rivals.
According to Access Asia, Beijing Hyundai reduced the prices of its medium-size Sonata models to between RMB149,800 ($US18,100) and RMB228,000 ($27,500) from RMB172,800 ($20,900) and RMB249,800 ($30,200), marking the first time the price of Sonata sedans in China has been pitched lower than RMB150,000.
Prices on the smaller Elantra models have also been cut to below RMB120,000. Beijing Hyundai claims sales have been good but price cuts by market leaders such as VW and GM coupled with the sharp slowdown in auto sales in China in recent months have prompted the price cuts.
The price of Beijing Hyundai's Sonata has been cut by up to $US2,700