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August 17, 2015

CHINA: Hyundai, VW lose cars in China explosion

Hyundai Motor estimates it has lost stock worth KRW160bn (US$136m) in the huge warehouse explosion in the Chinese port of Tianjin last week.

Hyundai Motor estimates it has lost stock worth KRW160bn (US$136m) in the huge warehouse explosion in the Chinese port of Tianjin last week.

Tianjin is the main gateway port for China’s northern regions including the capital city Beijing.

Hyundai said it had around 4,000 cars parked at the port at the time of the explosion, mainly the high-end Equus and Genesis models imported from South Korea. The company was quick to point out that the stock is insured, so it will not directly incur the ultimate cost of replacing the stock.

Volkswagen is also said to have lost some 2,750 cars in the explosion, while Renault told just-auto that it lost 1,500.

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