Hyundai Motor, BAIC to Inject $1.1 Billion in Chinese Joint Venture

MT Newswires Live12-12

Hyundai Motor (KRX:005380) and BAIC Motor (HKG:1958) will infuse an additional $1.1 billion into Beijing Hyundai, their joint venture to produce and sell Hyundai cars in China.

The capital injection will be made in installments and upon completion, Beijing Hyundai's registered capital will increase to $4.1 billion. The JV will remain owned 50% by each of Hyundai and BAIC.

"The Capital Injection by both parties will support Beijing Hyundai in maintaining capital stability in the short term and achieving transformation and development strategies through investment in new technologies and products in the long run," BAIC said in a Wednesday bourse filing.

Established in 2002, Beijing Hyundai has launched 42 models with cumulative sales of over 12 million units. However, the Sino-Korean JV closed two of its four plants amid declining sales.

Hyundai sold about 249,000 vehicles in China last year, nearly one-fifth of the brand's peak in 2016, Reuters reported separately on Wednesday.

In the filing, BAIC said the JV plans to introduce more products tailored to Chinese consumers and boost exports to international markets.

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