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Hyundai Set to Open Fifth Assembly Plant in China
Hyundai Motor Co. will launch production at its fifth Chinese assembly plant in August.
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Hyundai Motor Co. will launch production at its fifth Chinese assembly plant in August.
The new factory in Chongqing will be operated as a 50:50 joint venture with Beijing Automotive Group Co. The facility will have annual capacity to make 300,000 vehicles, thereby raising Hyundai’s overall production capacity in China to 1.65 million units.
The plant will build about 30,000 small cars this year, according to Hyundai. It says the complex will expand its lineup by adding two small sedans and two subcompact crossover vehicles by 2019. The factory’s output will be marketed exclusively in China.
The Chongqing facility is coming online as Hyundai struggles with a 37% drop in sales in China. The shrinkage has been caused by government disapproval of South Korea’s deployment of a U.S.-supplied anti-missile system.
The slump prompted Hyundai in March to idle all four of its factories for one week, apparently to trim dealer supplies of unsold cars.
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