Hyundai Motor sells Chongqing factory in China, increasing production bases to three locations

Hyundai Motor Group sold its automobile factory in Chongqing, China, for 1.62 billion formers (approximately 33 billion yen). Opening a production base in China for the first time in two years since selling the Beijing 1 factory in 2019.
It has been reduced. According to Korean auto industry sources, in December last year, Beijing Hyundai, Hyundai Motor's joint venture in China, acquired all the shares of its Chongqing plant in a ``Chongqing Liangjiang New Area Development Investment Project'', which is funded by Chongqing City.
It was transferred to the Capital Group. The group's subsidiary, New Energy Automobile Industry Development Co., Ltd., plans to remodel the Chongqing plant for use with electric vehicles and put it into operation. As a result, Hyundai Motor
After expanding into Japan, the five production bases were reduced to three. A Hyundai Motor official said, ``We are implementing multifaceted measures to improve the efficiency and profitability of our business in China.''
This is part of our efforts, and we will continue to streamline our business operations in accordance with the market environment and demand.''