Hyundai Motor Co is considering plans to suspend production at its oldest plant ...
SEOUL - Hyundai Motor Co is considering plans to suspend production at its oldest plant in China, the South Korean carmaker said on Wednesday, as it reels from tumbling sales and massive overcapacity in its biggest market.
Hyundai and Kia face major risks from the industry’s slowdown, with the duo already grappling to fend off competition from Chinese rivals and global automakers in the world’s biggest vehicle market. All of Hyundai’s five factories in China are operated by its Chinese joint venture with BAIC Motor Corp, at which about 2,000 employees have taken voluntary retirement or transferred to other factories, the statement said.“My view is that Hyundai is taking steps to closing the plant. It has been dragging its feet over a shutdown, and it is positive that they are finally taking action,” Samsung Securities analyst Esther Yim said.
For Hyundai, its troubles have been exacerbated by a diplomatic row between Seoul and Beijing that hit demand for South Korean products in China.
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