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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market today: Wall Street rises as easing yields in the bond market relax the pressureNEW YORK (AP) — Wall Street is rising Wednesday as the pressure that's built on stocks recently from the bond market relaxed a bit. The S&P 500 was 1.2% higher in afternoon trading, trimming its loss for what's so far been a dismal August. The Dow Jones Industrial Average was up 203 points, or 0.6%, at 34,492, as of 2:13 p.m. Eastern time, and the Nasdaq composite rallied 1.7%. Big Tech stocks and others that benefit from easier interest rates led the way. They got some relief as the 10-year Tre
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Why Bitcoin might soon exit the bear marketSeveral metrics pointed out that Bitcoin was at a market bottom which suggested a possible price uptick in the coming days.
Source: CryptoAmb - 🏆 22. / 68 Read more »
Bitcoin traders should be ready to sweep the market unless BTC…Bitcoin's potential to reverse in the upward direction remains high. However, an illiquid market could be a stumbling block.
Source: CryptoAmb - 🏆 22. / 68 Read more »
Half of Hong Kong Stocks Are Oversold as Bear Market Takes HoldAbout half of the stocks in Hong Kong’s benchmark index are now oversold as investor sentiment deteriorates amid China’s dismal economic data, deflation fears, and a property market slump that’s now threatening a crisis in the shadow lending sector.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Stock market today: Asian stocks follow Wall Street higher ahead of Federal Reserve conferenceBEIJING (AP) — Asian stocks followed Wall Street higher on Tuesday as traders waited for signs of interest rate plans from this week's Federal Reserve conference. Tokyo, Hong Kong and Seoul rose. Shanghai declined. Oil prices edged lower. Wall Street's benchmark S&P 500 index rose Monday for its first gain in five days as tech stocks rallied. Traders hope officials at the Fed's summer Jackson Hole, Wyoming, conference say they are finished raising interest rates that are at a two-decade high. Bu
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
London Stock Market Revival Falls Flat as Arm Flees for IPO to New YorkThe world’s biggest listing this year may be that of a British firm, but in Arm Ltd.’s home market there’s much lament over its decision to sell shares in New York over London.
Source: BNNBloomberg - 🏆 83. / 50 Read more »