Still can't sell, Beijing Hyundai will sell the Chongqing factory at a discount.
According to the announcement of the Beijing property Rights Exchange, the Chongqing branch of Beijing Hyundai Motor Co., Ltd. has once again lowered the Chongqing factory transfer price, and the current minimum transfer price is 2.25 billion yuan, which has been reduced by 1.43 billion yuan compared with the initial transfer floor price.
It is understood that the Beijing Hyundai Chongqing factory is located at No. 18 Hyundai Avenue, Yuzui Town, Jiangbei District, Chongqing, 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 South Korea in China. It was officially completed and put into production in August 2017, with an annual production capacity of 300000 vehicles and models such as Renner, Onchino, Festa and ix25 models.
This is the second time that it has lowered the resale price of its Chongqing factory. On August 11, the Beijing property Exchange disclosed the name of the project, "Land use rights, above-ground structures and related equipment and other assets, No. 18 Modern Avenue, Yuzui Town, Jiangbei District, Chongqing." the transferor is Chongqing Branch of Beijing Hyundai Automobile Co., Ltd. the reserve price is 3.684 billion yuan. This means that Beijing Hyundai Chongqing factory is officially listed for sale. However, the sale of the factory in Beijing Hyundai Chongqing is not smooth. After its first failed auction, the price was reduced to 2.58 billion yuan. At present, the latest transfer reserve price is 2.25 billion yuan, equivalent to a 40% discount, and it has also dropped 1.43 billion yuan from the original transfer reserve price. It is understood that the latest disclosure expires on October 18, and if there is still no one to pick up the offer after the expiration of the period, it does not rule out the possibility that Beijing Hyundai will lower the reserve price again until the intended transferee is solicited.
In 2016, Beijing Hyundai sold 1.142 million vehicles for the whole year, ranking sixth among domestic automakers. 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.
Since 2017, sales of Hyundai in Beijing have begun to decline, and the bitter fruit of aggressive expansion of production capacity has finally been 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, there are currently 12 models on sale in Beijing Hyundai, but sales of all models except Elantra are relatively mediocre, compared with joint venture models of the same level. According to the data, Beijing Hyundai sold a total of 175095 vehicles in the first three quarters, with 76889 Elantra, 31785 ix35 and 36095 Tusheng, and less than 10,000 other models.
Will Hyundai withdraw from China? At present, it is unlikely. In 2022, Hyundai Motor Group sold 6.8482 million vehicles worldwide, ranking third behind Toyota (10.483 million) and Volkswagen (8.481 million) for the first time. Therefore, from the perspective of the global market, Hyundai is still in a leading position in the market and can obtain sufficient capital and technical support to cope with the decline of the Chinese market.
According to the plan, 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, 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. Of course, it is worth paying attention to whether this can enhance the "homework" of Hyundai brands in the new energy vehicle market and compete with Chinese car companies.
There are many reasons for Hyundai brands in the Chinese market today, but in the final analysis, it is the failure to launch products that meet the needs of the market in time, the living space is constantly squeezed, and the product operation mode of relying on performance-to-price ratio is no longer workable. let Hyundai's brand power in China continue to decline, which is also one of the reasons why Hyundai Automobile Group adjusts its product structure in China. Of course, this is not only a problem of Hyundai, but a common problem of joint venture brands, which is also the main reason for the decline of the overall market of joint venture brands. However, Hyundai is more obvious in this respect.
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