FILE PHOTO: A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File PhotoSHANGHAI : Beijing Hyundai Motor has cut the minimum asking price for its auto plant in the southwestern Chinese city of Chongqing by almost 30 per cent to 2.58 billion yuan after putting it up for sale in August.
Beijing Hyundai Motor is selling the land use rights, equipment and other facilities belonging to its plant as the South Korean automaker rejigs its strategy in China amid fierce price competition and slowing demand. The original asking price was 3.68 billion yuan, and the statement did not give a reason for the reduction.
Rivalries in China's automobile market, the world's largest, have intensified as automakers struggle with weakening demand, deepening price competition.