According to the announcement of the Beijing property Rights Exchange, the Chongqing branch of Beijing Hyundai Motor Co., Ltd. has lowered the Chongqing factory transfer price, which is currently 2.58 billion yuan. It is understood that the Chongqing branch of Beijing Hyundai Motor Co., Ltd. disclosed the sale of the Chongqing factory on August 11, when the upset price was 3.68 billion yuan, but the transfer was not completed before the deadline. After the first failed auction, the Chongqing branch of Beijing Hyundai Motor Co., Ltd. lowered the reserve price to 2.58 billion yuan. The latest disclosure expires on October 10. It is not known whether it intends to transfer to the transferee.
According to the announcement, without changing the content of the information disclosure, the cycle shall be extended for 5 working days until the intended transferee is recruited. Auto Industry concern speculates that if the intended transferee is not solicited for a long time, Beijing Hyundai may once again lower the Chongqing factory transfer price, and we will continue to pay attention to further news.
Data show that Beijing Hyundai Chongqing Factory is located at No. 18 Hyundai Avenue, Yuzui Town, Jiangbei District, Chongqing City, covering an area of 1.872 million square meters, with a total investment of 6.223 billion yuan. It is the fifth vehicle manufacturing plant built by Hyundai Motor in South Korea in China. It was officially completed and put into production in August 2017, with an annual production capacity of 300000 vehicles. According to the plan, the Chongqing factory will put into production models such as Reina, Onchino, Festa and ix25. After the Chongqing plant was put into production, Beijing Hyundai's annual production capacity increased from 1.35 million vehicles to 1.65 million vehicles.
It is understood that Beijing Hyundai was founded on October 18, 2002, with an investment joint venture between Hyundai Motor and BAIC, becoming the first Sino-foreign joint venture project in the field of automobile production approved after China's accession to the WTO. After the establishment of the joint venture company, Sonata, Elantra and other models were launched one after another, reaching an all-time peak in 2016, with annual sales of 1.14 million vehicles.
In order to match the rising market sales, Hyundai began to speed up the construction of factories in China to meet the market demand, including Beijing Shunyi No. 1 Plant, No. 2 Plant, No. 3 Plant, Hebei Cangzhou Factory and Chongqing Factory, with an annual output of 1.65 million vehicles. However, starting from 2017, sales of Hyundai in Beijing began to decline gradually, and the bitter fruit of aggressive expansion of production capacity was finally borne by Beijing Hyundai. The first and second factories in Shunyi in Beijing have stopped production since 2019, and the ideal car has taken over the first plant in Shunyi in Beijing. The Cangzhou factory in Hebei also continues to hear the news of stopping production. Of the five factories that once boosted Beijing Hyundai's sales of millions, Beijing Renhe is the only one left to visit, according to the Beijing Hyundai website.
In addition to capacity cuts, Beijing Hyundai's product camp will also shrink in the future, and a number of models will face production and sales suspension. Hyundai's product line in China will also shrink, from 13 now to eight, with a focus on SUV and luxury brand Genisys, according to Hyundai Zhang.
According to the official website, Beijing Xiandi ah currently has 12 models on sale, but sales of all models except Elantra are relatively mediocre, compared with joint venture models of the same level. Data show that from January to August 2023, Beijing Hyundai sold a total of 157400 vehicles, of which the highest sales were Elantra, 68800, Tusheng and ix35 were 31200 and 24200 respectively, while other models sold less than 10,000.
The plight of Hyundai in the Chinese market is not only due to political factors and the slow transformation of new energy, but also due to the lack of product competitiveness. Beijing Hyundai's living space is constantly being squeezed, and the cost-effective product operation mode is no longer workable. at the same time, Hyundai's brand power in China continues to decline, which is also one of the reasons why Hyundai Motor Group adjusts its product structure in China.
At the same time, in the face of the new energy car market in which a hundred flowers blossom, Beijing Hyundai neither provides mixed or mixed versions for the main selling models, nor actively introduces the pure electric brand IONIQ (Ernie Krypton). Under the background that the comprehensive strength is not outstanding, it is difficult to say whether Beijing Hyundai can survive the day when the "grand goal" comes.
At the 2023 Shanghai Auto Show, Beijing Hyundai reiterated its "2025 New Plan". According to the plan, in terms of product transformation, Beijing Hyundai will achieve full hybrid fuel vehicles in 2025, build a hybrid product matrix of one MPV model, two cars and three SUV models in the next 3-5 years, and achieve annual production and sales of 300000 hybrid products; accelerate the introduction of pure electric brand IONIQ, launch its own EV model in 2023, and launch 4-5 pure electric products in the next three years.
At present, the competition in the domestic automobile market is particularly fierce. Fuel car market, Dongfeng Honda, Dongfeng Nissan and other once hot brands, are also highlighting the development crisis in the rapid expansion of new energy vehicles. In the new energy vehicle market, BYD, Ian, and Tesla have formed barriers, and manufacturers such as Geely, Changan, Chery, and the Great Wall are also constantly expanding the market, while the new car-building forces, including NIO, Xiaopeng, and ideal, have also weathered the survival crisis smoothly and move on to the next goal. In contrast, Beijing Hyundai is more like a product abandoned by the times, and its sense of existence in the domestic automobile market is declining.
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