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April 24, 2017

Hyundai Motor exec visits crisis-hit China JV operations

Hyundai Motor Vice Chairman Chung Eui-sun is reportedly heading to China for a market inspection following the carmaker's large sales reversals after a diplomatic dispute has hit Chinese demand for Korean goods, including cars.

Hyundai Motor Vice Chairman Chung Eui-sun is reportedly heading to China for a market inspection following the carmaker's large sales reversals after a diplomatic dispute has hit Chinese demand for Korean goods, including cars.

The Chinese government carried out trade retaliation against Korea over the planned deployment of a US Terminal High Altitude Area Defense (THAAD) anti-missile defence system.

According to The Korea Times, Chung is scheduled to visit the headquarters and production plants of the carmaker's local joint venture, Beijing Hyundai Motor Company.

According to data, Hyundai Motor and its affiliate Kia Motors sold 72,032 cars in China last month, down 52.2 percent from a year ago. Hyundai Motor sold 56,026, down 44.3 percent, and Kia Motors 16,006, down 68 percent.

As part of its efforts to ease Chinese consumers' anti-Korean sentiment, Hyundai Motor unveiled three vehicle models sold exclusively in the country during last week's Shanghai Motor Show.

"At the moment given the complicated political, economic and competitive market environment, Beijing Hyundai faces what we can describe as severe market challenges," Xu Heyi, chairman of Beijing Hyundai Motor Co, said at an event at the Shanghai auto show last week.

Beijing Hyundai is a joint venture between Hyundai and BAIC Motor Corp Ltd 

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