[Asia Economy Reporter Changhwan Lee] Hyundai Motor Company is reportedly in the process of selling the site of its Beijing Plant 1, which has been shut down since 2019.


On the 28th, local Chinese media reported that Hyundai is pushing to sell the Plant 1 site to the government of Shunyi District, Beijing, where the plant is located.


This plant is Hyundai's "China's first plant," which began production in late 2002 in partnership with the local company Beijing Automotive in China.


However, due to several years of sluggish sales following the deployment of the Terminal High Altitude Area Defense (THAAD) system by the US Forces Korea in 2017, operations were suspended from April 2019.


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Local media reported that the Chinese electric vehicle company Li Xiang Automobile is a candidate to acquire the Hyundai Beijing Plant 1 site. Li Xiang is the company that was listed on the US Nasdaq market last year under the name Li Auto.


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