Hyperdrive
China’s Bustling Car Market Is a Rare Black Mark on Hyundai’s Blockbuster Year
- Hyundai is closing over half its China factories as sales drop
- Automaker’s China struggle raises questions about the future
Hyundai Motor Co. Genesis vehicles at the Genesis Studio in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Hyundai Motor Co. and its affiliate Kia Corp. are having a blockbuster year, posting record profits as sales surge globally. The only black mark is China, where a lackluster performance is raising questions about their future in the world’s biggest auto market.
The Korean carmakers’ sales there have fallen off a cliff amid a fierce price war and rapid transition to electric vehicles. The impact is apparent, with Hyundai cutting its manufacturing facilities in the country by more than half and reducing its lineup to eight mostly premium models, down from 13.