Hyundai Motor Co. says it has halted manufacturing in China as tensions between Seoul and Beijing over an U.S. anti-missile system left the corporate unable to pay a provider.
South Korea’s largest automaker stated all 4 of its factories which were in operation in China stopped manufacturing automobiles as of Tuesday as a result of an area elements provider refused to provide elements after Hyundai delayed cost.
Hyundai’s gross sales in China tanked sixty four % through the April-June quarter as Chinese language shoppers shunned Korean automobiles resulting from Seoul’s choice to deploy a U.S. missile protection system to discourage North Korean aggression. China is nervous that its highly effective radars would peer into its territory.
Hyundai’s April-June revenue fell to the bottom degree since 2010.