Hyundai Drops Sale Price of Chinese Factory

      October 10, 2023 11:59

      Hyundai has dropped the price tag of its car factory in Chongqing, China by another 30 percent after failing to find a buyer in the course of its pullout, Reuters reported Monday.
      The carmaker "has cut the minimum asking price for its auto plant in the southwestern Chinese city of Chongqing by almost 30 percent to 2.58 billion yuan... after putting it up for sale in August," it said.
      Hyundai had five factories in China before an unofficial boycott on Korean products in 2017 and increasing local competition sent its sales there into a tailspin. It sold its plant in Beijing and put the Chongqing and Changzhou factories up for sale as well.
      The Chongqing plant is capable of producing 300,000 vehicles a year and costs Hyundai around 6.2 billion yuan, but Hyundai is having a tough time finding buyers because China's car market has reached saturation.
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