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13 Mar 2019, Gergana Bencheva, EMIS Editor

Hyundai Motor downsizes presence in China

South Korean automotive manufacturer Hyundai Motor has started a downsize process at its business in China, The Korea Times reported. The group has decided to shut down one of its plants in Beijing in order to cope with its falling sales in the country.

The move is in line with the manufacturer’s goal to enhance its competitiveness and secure profitability on the Chinese market. Its business in China has been challenged in the aftermath of the diplomatic friction between Seoul and Beijing in 2017.

Also, Hyundai Motor has cut about 1,900 jobs at some of its plants in China while 100 employees have been relocated. The group’s business in China has an annual output of 1.81 million vehicles while the production of passenger vehicles stands at 1.65 million a year, The Korea Times added.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: The Korea Times