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. The investment, conducted in instalments, will allow both parties to maintain equal ownership. Despite a decline in sales, Hyundai emphasizes its commitment to the Chinese market, aiming to develop products tailored to local needs and promote exports.
Hyundai Motor and its Chinese partner BAIC Motor have agreed to invest nearly USD1.1 billion in their Beijing Hyundai Motor joint venture . According to BAIC Motor, the capital injection will be conduced 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.
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 are listed on Beijing Hyundai’s website, although customers in China can buy the importedOriginating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry.
Hyundai BAIC Motor Joint Venture Investment China
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