(Yicai Global) Aug. 31 – The Chinese plants of Hyundai Motor Co. [KRX:005380] resumed production yesterday, the company announced.
A supply interruption idled four of its works in China last week, sina.com reported.
Hyundai announced the halt of its production in China after all four of Beijing Hyundai's manufacturing centers were shut down, as it failed to make payments due to local suppliers who then stopped component deliveries, media reported.
China was once the largest market for Hyundai, making up one-fourth of the group's global sales. However, Hyundai's turnover fell 64% to 105,000 vehicles in China from April to June. Beijing Hyundai is joint venture formed between Hyundai and BAIC Motor Corp. [HK: 1958] in 2002.