Beijing Hyundai sells factory, adjusts product lineup

Beijing Hyundai has begun to significantly reduce its production capacity in recent years. It will sell its first factory to Ideal Auto in 2021 and its Chongqing factory at the end of 2023. Hyundai Motor CEO Zhang Zaixun said that it will close another factory in China and sell two factories in China. At the same time, it will adjust its product lineup from 13 models to 8 models, focusing on SUVs and Genesis luxury brand models.