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Beijing Hyundai

Chinese automobile manufacturing company From Wikipedia, the free encyclopedia

Beijing Hyundai
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Beijing Hyundai Motor Co., Ltd. is an automobile manufacturing company headquartered in Shunyi, Beijing, China, and a joint-venture between BAIC Motor and Hyundai Motor Company. Established in 2002, it manufactures in Shunyi District, a satellite city of Beijing,[2] producing Hyundai-branded automobiles for the Chinese market.

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Beijing Hyundai Office building in Beijing
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History

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In May 2002, Hyundai Motor and the Beijing Automotive Group signed a memorandum of understanding with the aim of creating a joint venture based around an existing Beijing factory. Hyundai begun to improve the plant's installations,[3] and on 18 October 2002 an equally owned joint venture between the two companies was established. While it was not the first arrangement between a foreign and a domestic automaker, Beijing Hyundai was the first to be approved by the Chinese government after its entry into the World Trade Organization.[4] The joint venture initially expanded its production output through importation of key parts from South Korea and the creation of an integrated, Korean-owned supply network inside China.[5][6] Beijing Hyundai's sedan sales in 2005 were 224,700 units, ranking fourth in the country. By 2010, Beijing Hyundai sales reached 700,000, and Hyundai Motor Group became the number 2 carmaker in China behind Volkswagen.

2014 saw the company sell 1,120,000 vehicles,[7] and in 2016, Hyundai reached its peak, selling 1.14 million vehicles.[8]

Decline

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Unit sales and year-on-year rate in China. From March 2017, unit sales plummeted in retaliation for the installation of THAAD.

Following various issues, including the rise of Chinese car companies, marketing problems,[8] and the 2016-17 THAAD controversy, after which many South Korean businesses were boycotted by Chinese consumers,[9] Beijing Hyundai sales collapsed, dropping to just 248,839 by 2022, 240,792 in 2023, and 168,828 in 2024.[10][11]

After the collapse in sales, the company sold its first factory in Beijing in 2021 to Li Auto, and in 2024, it sold another factory in Chongqing for just $226 million, less than half its listing price.[8] Additionally, it lacks competitive NEV products despite it being half of Chinese car market share; in 2024, the only NEVs in the lineup were the imported Nexo hydrogen vehicle and Ioniq 5N.[12]

In November 2024, Hyundai announced that it was establishing an R&D center in Shanghai focused on developing ADAS and cockpit software solutions. Additionally, it announced plans to introduce a China-only EV model.[12]

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Sales

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Production bases and facilities

As of 2013, the company has at least three production bases[25] as well as an R&D center, all of which are probably in the Linhe Industrial Development Zone of the Shunyi District, a satellite city of Beijing.[26] Two of these produce automobiles and the other, engines.[26]

Its first automobile production base was completed in 2003 and the second in April 2008.[27] Construction on a third Beijing base begun in late 2010 should be complete in the second half of 2012.[28] At least one of these facilities is 17 km from Shunyi Yangzhen.[29]

A new site outside Beijing was inaugurated in 2016, and this Hebei location was producing a small city car, the Accent, as of 2017.[30]

In 2017, Beijing Hyundai opened its Chongqing plant, which produces the Reina subcompact sedan until 2021.[31]

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See also

References

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