AutoBeta(AutoBeta.net)03/01 Report--

Hyundai CEO Li Yuanxi mentioned solving the problem of overcapacity at old factories in China and reducing the number of Chinese employees at a meeting with analysts and investors, according to Hyundai insiders. An official spokesman for Hyundai also said that it is evaluating optimization plans to increase production capacity and is beginning to apply for voluntary retirement for Chinese employees.

According to statistics, Hyundai Motor has not achieved its annual sales target since 2014, and the cumulative global sales volume reached 7.4 million in 2018. Although it achieved positive growth, it still failed to achieve the annual sales target of 7.55 million. Among them, China, Hyundai's most important market, is in a declining trend, with cumulative sales in China reaching 785000 in 2018. Down 31.3% from the same period last year.

Hyundai Motor will face two major difficulties of revitalizing sales in China and dealing with the increase in US car tax in 2019. Some industry insiders predict that there will be no substantial increase in sales of Hyundai cars in 2019.

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