Beijing Hyundai puts Chongqing plant up for sale

Beijing Hyundai Motor has put its Chongqing plant up for sale at a starting price of 3.68 billion yuan ($505 million), as the South Korean automaker rejigs its strategy in China amid fierce price competition and slowing demand. Beijing Hyundai is selling the land use rights, equipment and other facilities belonging to its plant in the southwestern Chinese city of Chongqing, according to a disclosure on the China Beijing Equity Exchange that was published on Aug. 11. The Chongqing plant, a joint venture with Beijing Automotive Group Co, started production in 2017 with an annual production capacity of 300,000 units.