Hyundai Partners with BAIC for $1.1 Billion Investment to Boost Sales in China
- THE CHINA NOW
- Dec 11, 2024
- 3 min read
Summary
Hyundai and BAIC to invest $1.1 billion in their joint venture in China to boost production and sales.
This investment aims to revive Hyundai's position in the Chinese market, where it has lost ground to local competitors like BYD.
The joint venture plans to introduce new products tailored to local consumer preferences and increase exports.
In a move to strengthen its foothold in China, Hyundai Motor has agreed to invest $1.1 billion (€1.04 billion) in its joint venture with Chinese automaker BAIC Motor. This decision comes as part of an ongoing effort to revitalize Hyundai’s sales in the world’s largest car market, where its market share has been eroded by local competitors like BYD.
