SEOUL – Hyundai Motor is in talks with the Chinese to sell one of its factory sites in Beijing, Yonhap news firm reported Friday, bringing out unidentified sources.
Yonhap said Hyundai sold the sale of the plant site, the first it had built in Beijing, to the shunyi district government in the Chinese capital.
Beijing Hyundai, the joint venture between Hyundai Motor and BAIC Motor of China, has 3 production plants in Beijing.
Hyundai and BAIC did not respond to requests for comment.
Chinese media reported Thursday that electric vehicle manufacturer Li Auto sought to take over the plant, bringing out unidentified sources. Li Auto declined to comment when contacted via Reuters.
In April, Hyundai Motor Group announced plans to launch electric cars in China every year from 2022 until its presence in the world’s largest automotive market.
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