Last update: 10:43 | 11/01/2018
The Republic of Korea (RoK)’s Hyundai Motor said it is considering building a car plant in Southeast Asia with Indonesia and Vietnam being possible locations.
The intention came from the intense political ties between Beijing and Seoul after the RoK allowed the US to deploy its anti-missile defense system THAAD in the country, hurting Hyundai and other Korean firms that are highly reliant on the Chinese market.
Hyundai expects its China sales to reach about 900,000 vehicles in 2018, a recovery from last year, according to a company spokeswoman.
Hyundai has not disclosed estimates for 2017 China sales but the figure of 900,000 would still be far below its production capacity of 1.65 million vehicles in its biggest market.
The company aims to sell 7.55 million vehicles in 2018 amid sluggish global economic growth that reduces demand in numerous key markets.-VNA