Han Media: For the first time in six years, Hyundai Motor has seen a sales rebound in China!
On December 13, South Korean media Newsis published an article stating that Hyundai Motor is showing signs of breaking out of a long-term slump, achieving a sales rebound for the first time in six years.
The strategy of transforming its Chinese factory into an export base has begun to show results. In addition, the company has taken a series of measures to strengthen localization, such as launching a strategic electric vehicle "Eio" and appointing its first local CEO, which are considered to have laid the foundation for the company's structural recovery.
According to industry insiders, Beijing Hyundai, the joint venture of Hyundai Motor, sold a total of 158,692 vehicles in China (including exports) from January to October this year,
an increase of 14.69% compared to the same period last year (138,364 units). As a result, Hyundai Motor has finally escaped the downward trend that has persisted since 2019.
Beijing Hyundai's sales dropped from 790,000 units in 2018 to 660,000 units in 2019, further declining to 440,000 units in 2020, and then to 360,000 units in 2021, 250,000 units in 2022, and 240,000 units in 2023.
Last year, Hyundai Motor's sales in China fell to 170,000 units, but this year saw growth compared to the previous year.
The recent success of Hyundai Motor in the Chinese market mainly stems from the effectiveness of its export expansion. Actively utilizing its Chinese production base as an export hub has effectively boosted sales.
In fact, Beijing Hyundai's exports reached 55,151 units from January to October, already exceeding the total exports of the previous year (44,638 units).
Given Hyundai Motor's recent efforts to promote localized production in China, the market is full of expectations for both domestic sales and export recovery.
At the end of October, Hyundai Motor launched its first strategic electric vehicle model - Eio - in China and began selling it.
Eio was specially designed for Chinese consumers and underwent local optimization, with a single charge range of up to 722 kilometers.
In October, Eio achieved sales of 437 units in the domestic market. With the full-scale launch of Eio sales, sales are expected to grow rapidly.
Additionally, Hyundai Motor made a bold move by appointing Li Fenggang, a local person, as the new general manager of Beijing Hyundai. This is the first time in the 23-year history of Beijing Hyundai to appoint a local person to a key position, which is expected to accelerate the recovery of domestic sales.
A South Korean industry insider said: "Hyundai Motor turned a profit in China this year, which may indicate the recovery of its China business. With the company committed to strengthening localization in China, the rebound in sales is expected to continue."
Original article: toutiao.com/article/1851394398028812/
Statement: The article represents the views of the author.