Expanding Overseas Production Capacity South Korea's Hyundai Integrated Investment Project in China

The reporter saw in the Shengshi Building on Jinyun Road yesterday that Hyundai Motor China Investment Co., Ltd. has officially been listed, and the lobby of the building is still emblazoned with "Modern-Kia Motors." A front desk staff member revealed that "Hyundai Motor is now a major shareholder of our building." This marks that Hyundai Motor Co., Ltd., Korea’s largest automaker, has begun its investment in modern China in China through its stronghold in China. Cooperative projects carry out full integration of resources. A large amount of money was spent on the purchase of the Saatchi Building on September 17. A message was posted on the website of the Korea News and Culture Department: Hyundai Motor Group has purchased a new super office building in the center of Beijing and plans to establish the Hyundai Group China in October. Various holding companies, such as holding companies, are assembled in this office building. More precisely, Hyundai Motor Group has signed a contract with Beijing Hines Millennium Real Estate Development, a subsidiary of American real estate company Hines, to acquire approximately 58 billion won at the end of August. Purchase and sales contract. After the procedures such as cash settlement, the ownership of the building will be fully owned by Hyundai Motor Group this year. Related personnel of Hans also told reporters: "The Hyundai Motor Group is already the largest shareholder of the building." Located in Chaoyang District where foreign companies and embassies are dense, Shengshi Tower is divided into 3 floors underground and 22 floors above ground. The total area is 2.1 million pings (1 ping is equivalent to 3.3 square meters). It is reported that it was a building sold by the Modern Construction Company to the Hans Group in the late 1990s. Korean companies currently working in the building include: Modern Mobis Co., Ltd. Beijing Representative Office, Hyundai Motor China Investment Co., Ltd., Korea Cultural News Office, Korean Chamber of Commerce and Industry Conference Beijing Office, China-Korea Chamber of Commerce, and Korea Woori Bank Beijing Branch. Beijing Hyundai’s sales headquarters is also located in this building. In terms of origin, this building was originally a Korean-funded enterprise and also a gathering place for South Korea's major corporate offices in China. Such an office environment will bring a lot of convenience to the newly established Hyundai Motor China Investment Co., Ltd. "The building may be renamed. At present, this issue is strengthening communication with the relevant departments of the Chinese government." The head of Hyundai China Investment Co., Ltd. revealed to reporters. It is understood that after the National Day holiday, the logo of "Modern-Kia Motors" has appeared in the center of the lobby. According to this calculation, Saatchi Tower should also be renamed the "modern-Kia Motors Building." Now that the "MI-CROSOFT" logo on the roof is misleading, this is Microsoft's headquarters. Security staff of the building told the reporter that the name of the building is currently multiple and the name has not yet been determined. The insiders of South Korea’s Hyundai also confirmed that if nothing unexpected happens, Shengshi Tower will be renamed “Modern-Kia Motors Building” and become a true home base for Hyundai Motor Group in China. The establishment of a Chinese holding company According to the report of Korea’s “Korean Daily” on the 3rd of this month, Hyundai Motor will establish a Chinese holding company “Beijing Hyundai Investment Company (tentatively named)” in Beijing, China this month, with a registered capital of US$30 million. The actual situation is that the holding company has been named Hyundai Motor China Investment Co., Ltd. (referred to as the investment company). The relevant person in charge of the company stated that in mid-October the company has officially listed, but the preparation work has not yet been completed and it is expected that the official listing ceremony will be held at the end of the month. The duties of the investment company include: managing locally produced models and sales in the automotive business; managing the entire business of 15 subsidiaries entering China, such as INI Steel and Hysco; and entering the Chinese financial services market through Modern Capital as a medium and long-term plan. . Confusion triggered high-level turbulence However, the most noteworthy thing is that from the establishment of the investment company, the two major joint ventures of Hyundai in China, Beijing Hyundai and Dongfeng Yueda Kia, have reported news of high-level exchanges. After the launch of the GL Deluxe Edition on October 22, Zheng Dayu, who has been serving as the general manager of Dongfeng Yueda KIA, was suddenly transferred back to the Hyundai headquarters and replaced by the vice president of the modern headquarters and Kia, Li Shugen. Li Chunrong, who was in charge of marketing, was suddenly promoted to executive vice president. According to industry sources, Li Chunrong originally dispatched personnel responsible for managing sales for Dongfeng. This time, he transferred it to Yancheng, and Kia also sent a more overseas market development experience than the former Li Zhigen as general manager of Dongfeng Yueda Kia, heralding South Korea. Kia wants to compete for more power in sales. In accordance with the agreement when the joint venture was established, Kia is responsible for production and plant construction, and Dongfeng is responsible for sales. If the Chinese sales right is lost, Hyundai Kia will fully control the production and marketing of its power. Guo Qian, the deputy general manager of Beijing Hyundai, another joint venture company, submitted his resignations to the Beijing Hyundai Board of Directors and the Beijing Automobile Holdings Board on November 10, which is the most significant personnel change since the two-year anniversary of Beijing Hyundai, and Guo Qian is in sales. The main person in charge. If Zheng Dayu's departure was forced to resign because of the cold weather of the ship, then Guo Qian's departure would be a bit puzzling. The recent market performance of Beijing Hyundai's two main vehicles has been all the rage. The car sales in October It is rushed into the top three in the country. Industry stakeholders believe that Guo Qian left at this time related to the establishment of an investment company. After the newly established investment company fully took over the production and sales of joint ventures in China, Guo Qian's situation was very slim. According to an insider of the investment company, it is highly likely that vehicles with modern signs produced domestically will be sold online. Re-adjusting the representative office in China “We are not clear whether our unit and investment company will be merged into one.” A staff member of a Hyundai Motor Company Beijing representative office revealed to reporters. Not only was she confused about this issue, the day before yesterday, when a reporter dialed the phone number of Hyundai Motor’s representative office in Beijing through 114, the other person’s answer was: Here is Hyundai Motor China Investment Co., Ltd. According to the head of the investment company, the Beijing office and the investment company have not been merged so far. It is reported that Hyundai Motor Korea has two representative offices in China, one in Beijing and the other in Shanghai. The division of labor in these two representative offices is different: Beijing is mainly responsible for communication with government departments, and Shanghai is responsible for the sales of imported vehicles, advertising, and after-sales services. Similar to the situation in Beijing, the sales and public relations headquarters of Dongfeng Yueda Kia are also located in the same building as the Shanghai office, Far East International Plaza. The person in charge of the Shanghai office told the reporter that the Shanghai representative office is strictly the headquarters of the Hyundai Motor Company in China and will be relocated to Beijing by the end of this year. The office has not yet been confirmed. Industry insiders believe that the address of the new move should be at Shengshi Tower. According to news from South Korea, local corporations such as Hyundai Motor, Kia Motors, Hyundai MOBIS, INI Steel and Hyundai HYSCO, which have already established factories in China, will become subsidiaries of the investment company. It follows from this that the general representative office of Hyundai Motor Co., China will be relocated to Beijing and will be integrated with the Beijing representative office into the framework of the investment company for unified management. Hyundai Motor aims to become one of the top five automotive manufacturers in the world by 2010. For this reason, the company is actively expanding its production capacity overseas. China has the world's largest potential automotive consumption market. Whether Hyundai can implement its expected goals or not depends on whether it can perform a wonderful performance on this stage in China. And Hyundai Motor China Investment Co., Ltd. is making every effort to actively prepare for being a "general director". Reporter Chen Wenjia

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