South Korean media: Is Hyundai Motor expected to return to profitability in China this year?

On May 10, the South Korean media "Newsis" published an article stating that Hyundai Motor's sales volume in the Chinese market is gradually increasing this year. In February, the sales volume in China (including exports) was 10,000 vehicles, which increased to 16,000 vehicles in March.

In particular, Hyundai Motor plans to launch a new electric vehicle model specifically for the Chinese market this year, so there are high expectations for the growth of its sales volume. Additionally, whether Hyundai Motor can successfully turn losses into profits with its business in China this year is also under close attention.

It is reported that Beijing Hyundai, the joint venture between Hyundai Motor and Beijing Automotive Group, sold 16,825 vehicles in China in March.

This is the highest monthly sales volume since the beginning of the year, increasing by 59% compared to February (10,585 vehicles). Starting from March, Hyundai Motor's sales volume in China has been slowly recovering.

Beijing Hyundai plans to continue launching new models in the Chinese market this year, so future sales volumes may further increase.

Beijing Hyundai recently announced the launch of a new model and released trial ride information about an electric SUV currently under development. The project name of this electric SUV is "OE," which is reportedly a customized electric vehicle for the local Chinese market.

The specific name and release time have not been disclosed yet, but it is expected to have designs and functions tailored to the tastes of Chinese consumers.

Beijing Hyundai plans to introduce a completely new electric vehicle model in the Chinese market this year and will begin developing five new models including hybrid vehicles starting from 2026. Beijing Hyundai plans to continuously introduce new vehicles to the Chinese market to boost sales.

A South Korean industry insider said, "Beijing Hyundai is accelerating performance improvement, reducing the loss scale from approximately 1 trillion won in 2023 to around 71 billion won last year. Whether it can successfully turn losses into profits this year through the introduction of new models and expansion of exports is highly anticipated."

Original Source: https://www.toutiao.com/article/1831701700051273/

Disclaimer: The article solely represents the author's personal views.