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Filed under: China, Government/Legal, Hyundai
According to a report by Reuters, the Chinese government has suspended the importation of Hyundai and Kia products from South Korea. The importation ban allegedly stems from complaints filed by dealers that the automaker violated anti-trust laws in China by throwing more support behind its own dealers and thus limiting the support offered to independent retailers.
A Hyundai spokesperson confirmed that the automaker has not received import permits since mid-September, but that the Chinese government and Hyundai are working to resolve the matter.
While any ban imposed on Hyundai would temporarily hurt the company in China, only about 50,000 units are imported from South Korea each year, with the majority of Hyundai and Kia's combined 520,000 annual sales in China coming from vehicles produced locally in a joint venture between the automaker and Chinese companies.
[Source: Reuters]
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According to a report by Reuters, the Chinese government has suspended the importation of Hyundai and Kia products from South Korea. The importation ban allegedly stems from complaints filed by dealers that the automaker violated anti-trust laws in China by throwing more support behind its own dealers and thus limiting the support offered to independent retailers.
A Hyundai spokesperson confirmed that the automaker has not received import permits since mid-September, but that the Chinese government and Hyundai are working to resolve the matter.
While any ban imposed on Hyundai would temporarily hurt the company in China, only about 50,000 units are imported from South Korea each year, with the majority of Hyundai and Kia's combined 520,000 annual sales in China coming from vehicles produced locally in a joint venture between the automaker and Chinese companies.
[Source: Reuters]
Read | Permalink | Email this | Comments
Read more...
