SEOUL (Reuters) – Hyundai Motor said its Chinese joint venture is accepting voluntary retirements from employees and reviewing various “optimization plans” at its factories in the country, following a slump in car sales.
China, the world’s biggest car market, suffered its first sales contraction in more than two decades last year due to pressure from a crippling Sino-U.S. trade war and the phasing out of tax cuts on smaller cars.
Troubles - Automaker - Row - Seoul - Beijing
These added to troubles for the South Korean automaker which is still recovering from a diplomatic row between Seoul and Beijing that had slammed demand for Korean products in China.
Hyundai, which together with affiliate Kia Motors was the third-biggest automaker in China until 2016, is now saddled with overcapacity, with its 2018 China sales reaching...
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