Beijing Hyundai and Hunan dealers jointly requested to suspend car delivery: inventory pressure is extremely high

DoNews reported on August 9 that yesterday, a letter "Beijing Hyundai Hunan dealers jointly requested to suspend car pickup" circulated on the Internet. According to China Business News, a dealer in Hunan said the letter was genuine, and the 9 dealers who sent the joint letter accounted for the majority in Hunan Province. Beijing Hyundai responded that it is currently understanding the situation.

The letter stated that in view of the extremely heavy inventory pressure on all dealers in Hunan Province, very difficult operations, very serious losses and other factors, all dealers in Hunan have unanimously requested to temporarily stop delivering cars to your company starting from August 8, 2024. , and will no longer accept vehicles automatically delivered by your company. Otherwise, your company will be responsible for all consequences. And your company will immediately resolve the existing inventory of Hunan regional dealers and fulfill all previous commitments and reward policies. The bottom of the letter has the stamps of nine car dealers.

Public information shows that Hyundai Motor’s sales in China reached 1.14 million vehicles in 2016. However, its marketing in China has suffered setbacks since 2017, and it will sell its first factory in Beijing in 2021. In January this year, Beijing Hyundai’s Chongqing factory was sold to Chongqing Liangjiang New Area Yufu Industrial Park Construction Investment Co., Ltd. for 1.62 billion yuan, less than half of the original reserve price of 3.68 billion yuan.

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