Hyundai Motor and its Chinese partner BAIC Motor are injecting nearly USD1.1 billion into their Beijing Hyundai Motor joint venture to bolster its position in the Chinese market.
Hyundai Motor and its Chinese partner BAIC Motor have agreed to invest nearly USD1.1 billion (about RM5 billion) in their Beijing Hyundai Motor joint venture. According to BAIC Motor, the capital injection will be conducted in instalments, with both parties continuing to have an equal stake in the company. The investment signals the South Korean automaker’s commitment to the world’s largest car market.
This is despite Hyundai’s annual sales in China dropping to just 249,000 vehicles last year, which is almost one-fifth of the brand’s peak in 2016. In the first nine months this year, Beijing Hyundai sold 136,460 vehicles, nearly all being internal combustion engine cars. Since Hyundai’s entry into China in 2002, the company has built five factories – three in Beijing, one in Changzhou and another in Chongqing. Earlier this year, the company sold its Chongqing plant while later in February, it was reported that the Changzhou plant was divesting key assets. BAIC says the joint venture plans to use the fresh investment to develop and market more products tailored to Chinese consumer needs, as well as promote exports to international markets. At present, no electric vehicles (EVs) are listed on Beijing Hyundai’s website, although customers in China can buy the imported Hyundai EVs
INVESTMENT CHINA HYUNDAI BAIC BEIJING HYUNDAI MOTOR
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hyundai Motor to invest US$479 million in MalaysiaSEOUL: Hyundai Motor Co announced on Tuesday its plan to invest nearly US$480 million in Malaysia over the next five years from 2025 to enhance its pr...
Read more »
Hyundai Motor to Collaborate with Inokom for Malaysia ExpansionHyundai Motor plans to increase its production capacity in Malaysia through a collaboration with Inokom to upgrade its assembly plant in Kulim, Kedah. The investment will amount to approximately USD480 million over the next five years, with production set to begin on the Staria and an unnamed MPV in mid-2025.
Read more »
Hyundai Palisade facelift 2023 dilancarkan di Malaysia – bermula RM369k, petrol V6 3.8L & diesel 2.2 CRDiSelepas mendarat di Malaysia pada Disember 2021, kini SUV flagship dari Hyundai iaitu Palisade dilancarkan pula dalam versi facelift untuk pasaran tempatan tidak sampai setahun ia diperkenalkan untuk peringkat global pada April lalu. Sama seperti …
Read more »
Hyundai Ioniq 9: A 429hp 3-row electric SUV with up to 620km of rangeHere’s your first look at the new Hyundai Ioniq 9. Is this Hyundai’s answer to the Kia EV9?
Read more »
Hyundai Unveils Ioniq 9, a Three-Row Electric SUVHyundai has introduced the Ioniq 9, a three-row electric SUV built on the E-GMP platform. This spacious EV offers seating for six or seven passengers and boasts an impressive range of up to 620 km on the WLTP cycle. Powered by a 110.3 kWh battery, the Ioniq 9 supports 350 kW DC fast charging, enabling a 10-80% recharge in just 24 minutes.
Read more »
Hyundai To Invest RM2.16 Billion In Malaysia For EV Battery Assembly And Vehicle ProductionHyundai Motor Company (HMC) plans to invest RM2.16 billion in Malaysia for the establishment of an electric vehicle (EV) battery pack assembly factory and the assembly of six locally-assembled (CKD) models including hybrids. The investment, aimed at fostering economic and social development in the region, will see the production of vehicles for Malaysia as well as other Southeast Asian markets, beginning with 20,000 units per year and increasing in stages.
Read more »