The Korean carmakers’ sales there have dropped off a cliff amid a fierce price war and a rapid transition to electric vehicles. The impact is apparent, with Hyundai cutting its manufacturing facilities in the country by more than half and reducing its line-up to eight mainly luxury brands, down from 13.
But Hyundai is facing a dual dilemma in China: its prices are too high to win against domestic brands, while its perceived quality and reputation fall short of Japanese cars, according to Yale Zhang, the managing director of Shanghai-based consultancy Automotive Foresight. Hyundai remains committed to the Chinese market, and is focusing on improving sales momentum and brand perception, it said in an e-mailed statement to Bloomberg. It’s offering diverse options including the popular sport utility vehicle Palisade and luxury Genesis models, while it’s “dedicated to delivering Chinese customers the Hyundai EV experience, featuring unique technology and design,” it said.
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