Hyundai Motor is considering suspending production at its oldest plant in Beijing due to falling sales and overcapacity in its biggest market, which contracted last year for the first time in decades.
Hyundai’s move highlights its struggle to regain ground in China as it is squeezed between premium western brands and lower-cost Chinese rivals amid slowing demand in the world’s largest automotive market.
The South Korean carmaker said on Thursday it was planning to optimise production and enhance profitability in China. “The plan includes possible suspension of [one of the] Beijing plants,” it said. “Also, the company is taking voluntary retirements from willing employees.”
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