Hyundai, BAIC to inject $1.1 bn in China joint venture

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Hyundai, BAIC to inject $1.1 bn in China joint venture - Korea Economic Daily

Quick Summary:

BAIC said in a statement on Tuesday that the investment in Beijing Hyundai Motor Co., its 50-50 joint venture with Hyundai Motor in China, will be used to develop products tailored to Chinese consumer demands and boost exports from the JV to international markets.The $1.1 billion investment, which will be equally split between the two partners, will bump up their JV’s total registered capital to $4.07 billion, according to Beijing government-controlled BAIC’s filing.

Hyundai Motor Co.and its Chinese partner Beijing Motor Corp.(BAIC) will jointly invest about $1.1 billion in their joint venture, which produces and sells Hyundai cars in China, to help the Korean car brand regain ground in the world’s largest car makers with electrification.

With the new investment, Hyundai Motor is expected to enhance its capability to develop future car technologies and accelerate its electrification in China, a key to recovering its lost market share in the world’s No.1 car market, also the world’s largest EV market.