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Beijing Hyundai Motor has put its Chongqing plant up for sale at a starting price of 3.68 billion yuan ($505 million) amid fierce price competition and slowing demand in China.
Beijing Hyundai is selling the land use rights, equipment and other facilities belonging to its plant in the southwestern Chinese city of Chongqing, according to a disclosure on the China Beijing Equity Exchange.
The Chongqing plant, a joint venture with Beijing Automotive Group Co, started production in 2017 with an annual production capacity of 300,000 units.
The sale came after Hyundai said in June that it would further restructure its China business to focus on profitability.
Hyundai had five plants in China at its peak and sold one of them in 2021.