The joint venture of Hyundai Motor Corporation in Korea in China was sold in Chongqing, which was sold in Chongqing for 1.62 billion yuan (RMB, the same below, about S $ 306 million), which was sold at half of the price when it was listed in August last year.
Comprehensive Reuters and Bloomberg News reported on Wednesday (January 17) that the factory was sold to Yufu Industrial Park Construction Investment Co., Ltd., which was supported by Chongqing Municipal Government's funding at the end of last year.
Hyundai cars face fierce price competition and slow demand in China.Hyundai cars say that the sale is a measure of the business in China in China.
The selling price of Hyundai Automobile Chongqing Factory in August last year was 3.68 billion yuan, and the price was reduced to 2.58 billion yuan in just two months.
It is reported that when China quickly transformed into electric vehicles, the strategy of modern cars and Kia Automobile from South Korea faced difficulties in China.Although China is the world's largest automotive market, the Chinese market sales in the third quarter accounted for only 5%of the total sales of two companies.
