Beijing Hyundai vows to restore popularity in China

Beijing Hyundai, a Sino-South Korean joint venture based in Beijing, is expected to return the ranks of leading carmakers in China by 2020, according to a senior executive.

Xu Heyi, chairman of Beijing Hyundai’s parent company BAIC Group, said he hopes the joint venture can restore popularity in the Chinese market with its growing lineup of models in 2020.

He made the remarks when the joint venture celebrated its 17th anniversary on Friday in Beijing’s Shunyi district.

Established in 2002, Beijing Hyundai has introduced 18 models into China, including sedans and SUVs, with its total deliveries exceeding 10 million. The joint venture is expected to speed up introduction of models into the country.

Beijing Hyundai saw its sales reach the zenith in 2016, when it delivered 1.14 million vehicles to Chinese customers in the year.

The sales have started to fall since then due to a number of reasons including the slowdown of the Chinese market. In the nine months of 2019, it sold around 450,000 vehicles, down 19.6 percent year-on-year.

Beijing Hyundai now has five plants in the country, with three in Beijing, one in Southwest China’s Chongqing and another in the city of Cangzhou, Hebei province. They have a combined annual production capacity of 1.65 million vehicles.