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A 60% discount! Beijing Hyundai Chongqing factory sold

2024-06-17 Update From: AutoBeta NAV: AutoBeta > News >


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After discount after discount, Beijing Hyundai Chongqing factory finally sold out!

According to the announcement of Beijing Property Rights Exchange, the project name "Land use right, above-ground buildings (structures) and related equipment and other assets at No.18 Modern Avenue, Yuzui Town, Chongqing City, Jiangbei District" completed the transaction half a year later. The transfer evaluation value was 3.684 billion yuan, and the transaction price was 1.620 billion yuan, which was 2.064 billion yuan lower than the initial transfer base price.

In August 2023, Chongqing Branch of Beijing Hyundai Motor Co., Ltd. listed and transferred Chongqing factory on Beijing Property Rights Exchange, with the transfer base price of RMB 3.684 billion yuan. Beijing Hyundai Chongqing Factory is located at No.18, Modern Avenue, Yuzui Town, Jiangbei District, Chongqing City, covering an area of 1.872 million square meters. The total investment of the factory is RMB 6.223 billion yuan. It is the fifth complete vehicle manufacturing factory built by Hyundai Automobile in China. It was officially completed and put into operation in August 2017 with an annual production capacity of 300,000 vehicles. The models put into production are Rena, Oncino, Festa and ix25 models. However, the sale of Beijing Hyundai Chongqing factory is not smooth, because after the disclosure period is still no offer, Beijing Hyundai Chongqing branch repeatedly lowered the transfer price, from the initial 3.684 billion yuan, to the final deal of 1.620 billion yuan, equivalent to a 40% discount sale.

In 2016, Beijing Hyundai sold 1.142 million vehicles in the whole year, ranking sixth among domestic automobile manufacturers. In order to match the continuously rising market sales volume, Hyundai began to accelerate the construction of factories in China to meet the market demand, including Beijing Shunyi Factory No.1, Factory No.2, Factory No.3, Hebei Cangzhou Factory and Chongqing Factory, with an annual output of 1.65 million vehicles. Chongqing Factory was completed at the peak of Beijing Hyundai, which is the latest and most advanced among the five factories. One.

Since 2017, Beijing Hyundai sales began to decline, and the bitter fruit of radical expansion of production capacity was finally borne by Beijing Hyundai. Factory No.1 and Factory No.2 located in Shunyi, Beijing began to stop production for six consecutive years since 2019. Later, Ideal Automobile took over Beijing Shunyi Factory No.1, while Cangzhou Factory located in Hebei Province also continued to report the news of shutdown. According to Beijing Hyundai's official website, only one of the five factories that once drove Beijing Hyundai's sales of millions is left for visitors.

In addition to capacity cuts, Beijing Hyundai's product camp will shrink in the future, and many models will face production suspension. According to the official website, Beijing Hyundai currently sells 9 models, but except for Elantra, sales of other models are relatively average, compared with the same level of joint venture models. According to official data, Beijing Hyundai sold 257,000 new cars in 2023, up 2.8 percent year-on-year, with the highest sales of Elantra at 108,700, ix35 and Tusheng at 43,600 and 53,000 respectively. It is understood that Beijing Hyundai will launch the eleventh generation Sonata and the fifth generation Shengda within this year. The tenth generation Sonata will be launched in July 2020. Due to the low sales volume, the eleventh generation Sonata will continue to adopt the power combination selection of 1.5T engine +7DCT dual clutch gearbox and 2.0T engine +8AT gearbox, and continue to compete with Camry, Accord, Teana, Passat and other models.

The golden age of joint-venture brands is fading, and this general trend of "ebb tide" will only become more and more obvious. From the perspective of the general environment of China's auto market, Beijing Hyundai is not alone. Before this, Suzuki, Acura, Jeep, DS and other successive defeats, these once witnessed the popularity of Chinese family cars of the old brands, now also have sadly left, even the top giants Toyota, Volkswagen and so on also feel the enormous pressure of the Chinese market, whether Toyota bZ or Volkswagen ID series in the Chinese market presence sense is also very limited, compared with Chinese brands attention is not at all an order of magnitude.

Looking at the current joint venture market, more and more old brands are squeezed to the edge of the market, Mazda, Citroen, Peugeot, Skoda and other brands are not optimistic. In 2023, GAC Mitsubishi announced the termination of domestic production, becoming another Japanese brand after the fall of Acura.

A brand is forced to withdraw from the Chinese market. In the final analysis, it is because the comprehensive competitiveness including brand, product, technology, marketing and service falls below the critical point. In the especially competitive new energy automobile market, at least for now, the joint venture brand still lacks "beatable" products. In the era of smart cars, the characteristics of software-defined cars make the technical iteration of models faster and faster, and the three-year and five-year replacement has become a thing of the past, which means that joint venture brands must catch up at a faster pace to have hope of turning over.

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