37
Hyundai Motor Co. sold its plant in Chongqing, China, for 1.62 billion yuan ($225 million), less than half the original price listed in August, Bloomberg reported on Wednesday.
The plant was sold to Chongqing Liangjiang District Yufu Industrial Park Construction Investment Ltd., entity backed by municipal government funds.
This decision comes as part of the company’s efforts to optimise operations in China, Bloomberg reported, citing Hyundai.
Hyundai is currently facing a struggle with China’s rapid transition to electric vehicles (EV).
Despite being the world’s largest automaker, Hyundai’s sales in China only accounted for five per cent of its sales in the third quarter of 2023.
Hyundai said that the sale was finalised in late 2023.
