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Beijing Hyundai sells assets again!

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)04/07 Report--

After the sale of the factory, all the equipment began to be "cleared".

According to information released by the Beijing property Rights Exchange, Beijing Hyundai Motor Co., Ltd. Beijing Branch listed the transfer of 5075 assets of Beijing Hyundai Renhe engine factory, with a base price of 45.6853 million yuan. The transferred assets are machinery and equipment, including idle machinery and equipment and materials in the warehouse, which are located in Shunyi District, Beijing. Information shows that the latest disclosure expires on April 19, if you do not intend to accept the transfer to the side, Beijing Hyundai will probably lower the rock bottom price.

It is understood that as early as September 2023, Beijing Hyundai Automobile Co., Ltd. listed to transfer Renhe engine plant equipment assets, the underlying transfer price is 31 million yuan, asset transfer up to the production line, down to the walkie-talkie / water dispenser, can be described as a "clearance sale." In addition, the Chongqing branch of Beijing Hyundai Motor Co., Ltd. also transferred the equipment of the Cangzhou engine factory in the same month, transferring 60 million yuan at a low price.

This is another asset that Beijing Hyundai intends to sell after the first factory in Beijing, the factory in Chongqing and the factory in Cangzhou. In January this year, Beijing Hyundai's Chongqing factory on Modern Avenue, Yuzui Town, Jiangbei District, Chongqing finally completed the transaction at a transaction price of 1.62 billion yuan.

According to the announcement of the Beijing property Exchange, the project name, "assets such as land use rights, above-ground structures and related equipment, No. 18 Chongqing Road", completed the transaction after half a year, with an estimated transfer valuation of 3.684 billion yuan, compared with the initial transfer reserve price of 3.684 billion yuan. Reduced by 2.064 billion yuan, equivalent to a 60% discount.

It is understood that at its peak, Beijing Hyundai had five complete vehicle manufacturing plants, including Beijing Shunyi No. 1 Factory, No. 2 Plant, No. 3 Factory, Hebei Cangzhou Factory, and Chongqing Factory, with an annual output of 1.65 million vehicles. The Chongqing factory, which was built at the peak of Beijing Hyundai, is the newest and most advanced of the five factories. In 2016, Beijing Hyundai sold 1.14 million vehicles for the whole year, but with the change of the market environment, Beijing Hyundai's market performance is also declining. According to the data, Hyundai Kia Group sold 7.3 million vehicles worldwide in 2023, ranking third in the world, while Beijing Hyundai sold only 257000 vehicles, less than a fraction of global sales.

With the sharp decline in the market share of fuel vehicles, in the past two years, many automobile companies have sold their factories to lose weight, and the "shutdown and merger" has been staged in the field of joint venture brands. 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. Last June, Hyundai CEO Jang Jae-hoon revealed at an investor relations event in Seoul, South Korea that Hyundai plans to cut its sales in China from the current 13 to eight because of a sharp decline in Hyundai's sales in the Chinese market over the past six years.

According to the official website, there are 10 models currently on sale in Beijing Hyundai, including Elantra, Sonata, Festa, Tusheng, Shengda, etc., but except Elantra, sales of other models are relatively mediocre. According to official figures, Beijing Hyundai sold a total of 257000 new cars in 2023, up 2.8 percent from a year earlier, with the highest sales of Elantra, 108700, ix35 and Tusheng, 43600 and 53000, respectively.

It is understood that this year, Beijing Hyundai will launch the 11th generation Sonata and the fifth generation Shengda, of which the eleventh generation Sonata will be officially launched on March 27. while the new car brings a new appearance and interior design, the overall price has been reduced, and the whole department matches the 8AT gearbox, of which 1.5T models sell for 13.98-162800 yuan and 2.0T for 16.38-186800 yuan. As to whether the new car can bring a turnaround for Beijing Hyundai. It remains to be tested.

As for the sale of the Chongqing plant, Beijing Hyundai said it was "one of the measures to continuously optimize its operations in China". Although the sale price of the Chongqing factory is much lower than the estimate of 3.68 billion yuan, it has also partly withdrawn some of the funds for Beijing Hyundai, providing cash flow support for the electrification transformation and the launch of new cars.

Next, there will be more companies to solve the problem of overcapacity, including the current mainstream carmakers. In 2023, SAIC-Volkswagen has an annual production capacity of 1.202 million vehicles, compared with a designed capacity of 2.088 million vehicles, with a capacity utilization rate of only 58 per cent.

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