Hyundai Motor says will continue China JV with BAIC

Hyundai Motor says will continue China JV with BAIC”

"We continue to be in discussions over payment", a spokesman for the automaker said.

Last week, four Hyundai Motor factories in China - three in Beijing and one in Cangzhou - resumed operations after they were shut down when a local supplier that makes fuel tanks didn't provide parts due to a delayed payment, also thought to be roughly 18.9 billion won.

According to industry insiders, Beijing Hyundai is expected to encounter similar happenings until sales rebound.

Shares in Hyundai suppliers saw some of the worst drops among slides for raft of South Korean firms, as investors feared a shift to Chinese suppliers was underway.

Samsung Securities analyst Esther Yim said the internal disputes over suppliers signaled a prolonged crisis for the South Korean automaker.

Lee said, rising sales posted by Beijing Benz Automotive will drive the state-run Chinese company to pressure Hyundai to switch to local suppliers if suppliers refuse to cut down on price.

China has long opposed South Korea's move to install the USA anti-missile battery THAAD, and Chinese local media hints that the nation's latest retaliatory measures could lead to a possible termination of a long-time business partnership.

In the January-July period, Hyundai sold 351,292 vehicles in China, down 41 percent from 592,785 units a year earlier.

On Aug. 30, Hyundai's four plants in China resumed operations after a weeklong suspension due to parts supply issues.

On Wednesday Chinese media agency Global Times reported that BAIC Motor is fed up with Hyundai for its "greed and arrogance" over the supplier issue.

The construction of its fifth factory in Chongqing, capable of producing 300,000 units a year, has recently been completed. But it has not begun operation yet.

Hyundai has been at odds with partner BAIC Motor 1958.HK over supplier strategy, sources have said - a rift that appears to be at the root of some of its parts makers not being paid on time, leading to plant stoppages.

Like this


10 September 2017
Americans Increasingly Skeptical of Value of Four-Year Degrees
Americans are becoming increasingly divided on cultural and economic issues, according to a new NBC News/Wall Street Journal poll. USA political divisions reach far beyond Washington policy to fall along economic, cultural, geographical and educational lines.

10 September 2017
Philip Morris International Inc (NYSE:PM) Valuation According To Analysts
Nomura upgraded the stock to "Neutral" rating in Monday, November 30 report. (NYSE:PM) on Monday, July 17 with "Buy" rating. Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business.

10 September 2017
Nike, Inc. (NYSE:NKE) Sees Significantly Lower Trading Volume
Nike accounts for about 0.9% of Apertura Capital LLC's investment portfolio, making the stock its 24th biggest holding. Integre Asset Management Llc increased Paypal Holdings Inc stake by 9,086 shares to 90,193 valued at $3.56M in 2016Q4.

10 September 2017
Sensex, Nifty move up; L&T emerges as top gainer
Foreign portfolio investors (FPIs) sold shares worth Rs 564 crore on net basis yesterday, showed provisional data. For the week, the NSE and BSE ended 0.40 percent and 0.64 percent lower respectively.

10 September 2017
American Electric Power Company, Inc. (AEP) Holdings Reduced by LSV Asset Management
The collective rating of 2.2 for The Boeing Company (NYSE:BA) also leans strongly towards the neutral end of the spectrum. During the latest trading session PG&E Corporation (NYSE:PCG) stock went up with a prior 52-week high of $70.58.

10 September 2017
Owner of YouTube ripping site settles lawsuit with record labels
Last year, record labels took the popular YouTube-ripping site to court seeking the pirating website's permanent shutdown and $150,000 per violation.

10 September 2017
Jr NTR starrer Jai Lava Kusa's pre release business looks impressive!
Also noted in the same report is that the film will have to collect more than Rs 86 crore to be termed a hit. Now the latest we hear is that the Hindi dubbing satellite deal has been closed.

10 September 2017
Leicester City scramble to unlock '14 seconds' Adrien Silva shambles
In truth, I don't understand it all. "You identify the players then you leave the other bits to the legal people". The post Leicester scramble to unlock "14 seconds" Silva shambles appeared first on The Independent Uganda: .

10 September 2017
Hurricane Irma: Storm Tracks West
We've seen too many Florida license plates to count, along with a few other states. "Now is the time to prepare", McMaster said. Elardo says a lot can happen in five days, and Hurricane Irma could blow out to sea this weekend.

10 September 2017
Zayn went bald because he 'destroyed' his hair with bleach
Malik got his fans' approval when the look was revealed after his mom, Trisha, posted a photo of him completely bald on her Instagram.