Beijing Hyundai Motor Co.,Ltd. is an automobile manufacturing company headquartered in Shunyi,Beijing,China,and a joint-venture between BAIC Motor and Hyundai Motor Company. Established in 2002,it manufactures in Shunyi District,a satellite city of Beijing,[2] producing Hyundai-branded automobiles for the Chinese market.
In May 2002,Hyundai Motor and the Beijing Automotive Group signed a memorandum of understanding with the aim of creating a joint venture based around an existing Beijing factory. Hyundai begun to improve the plant's installations,[3] and on 18 October 2002 an equally owned joint venture between the two companies was established. While it was not the first arrangement between a foreign and a domestic automaker,Beijing Hyundai was the first to be approved by the Chinese government after its entry into the World Trade Organization.[4] The joint venture initially expanded its production output through importation of key parts from South Korea and the creation of an integrated,Korean-owned supply network inside China.[5][6] Beijing Hyundai's sedan sales in 2005 were 224,700 units,ranking fourth in the country. By 2010,Beijing Hyundai sales reached 700,000,and Hyundai Motor Group became the number 2 carmaker in China behind Volkswagen.
2014 saw the company sell 1,120,000 vehicles,[7] and in 2016,Hyundai reached its peak,selling 1.14 million vehicles.[8]
Decline
Unit sales and year-on-year rate in China. From March 2017,unit sales plummeted in retaliation for the installation of THAAD.
Following various issues,including the rise of Chinese car companies,marketing problems,[8] and the 2016-17 THAAD controversy,after which many South Korean businesses were boycotted by Chinese consumers,[9] Beijing Hyundai sales collapsed,dropping to just 248,839 by 2022,240,792 in 2023,and 168,828 in 2024.[10][11]
After the collapse in sales,the company sold its first factory in Beijing in 2021 to Li Auto,and in 2024,it sold another factory in Chongqing for just $226 million,less than half its listing price.[8] Additionally,it lacks competitive NEV products despite it being half of Chinese car market share;in 2024,the only NEVs in the lineup were the imported Nexo hydrogen vehicle and Ioniq 5N.[12]
In November 2024,Hyundai announced that it was establishing an R&D center in Shanghai focused on developing ADAS and cockpit software solutions. Additionally,it announced plans to introduce a China-only EV model.[12]
As of 2013, the company has at least three production bases[25] as well as an R&D center, all of which are probably in the Linhe Industrial Development Zone of the Shunyi District, a satellite city of Beijing.[26] Two of these produce automobiles and the other, engines.[26]
Its first automobile production base was completed in 2003 and the second in April 2008.[27] Construction on a third Beijing base begun in late 2010 should be complete in the second half of 2012.[28] At least one of these facilities is 17km from Shunyi Yangzhen.[29]
A new site outside Beijing was inaugurated in 2016, and this Hebei location was producing a small city car, the Accent, as of 2017.[30]
In 2017, Beijing Hyundai opened its Chongqing plant, Which produces the Reina subcompact sedan until 2021.[31]
↑ Oh, Je-Wheon (2010). "Manufacturing Capability and Competitive Strategies of Beijing Hyundai in China". In Abō, Tetsuo (ed.). Competing Chinese and Foreign Firms in Swelling Chinese Economy: Competition Strategies for Japanese, Western and Asian Firms. Global Cultural and Economic Research. Vol.5. LIT Verlag Münster. pp.153–156. ISBN978-3-8258-1740-4.
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