In 2017, Hyundai invested $1.15bn in a new factory in Chongqing, southwestern China, with the goal of reaching an annual output of 300,000 internal combustion engine cars.
But six years later, the rapid switch by Chinese consumers to electric vehicles has stalled sales, forcing the automaker to sell the factory in December for less than a quarter of the investment value.
“The Chongqing plant continued to be in the red and China’s auto market is grappling with oversupply,” said Lee Hang-koo at the Jeonbuk Institute of Automotive Convergence Technology, a South Korean research group. “No one was willing to buy the plant at a high price.”
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