• Hyundai Motor enters into MOU with Sichuan Energy Industry Investment Group
• Hyundai’s China commercial vehicle venture Sichuan Hyundai forms new partnership with Sichuan’s state-owned enterprise
SEOUL, Sept. 3, 2018 – Hyundai Motor Company today signed a memorandum of understanding (MOU) with Sichuan Energy Industry Investment Group, a renowned state-owned enterprise of the Sichuan province in China. The MOU highlights Hyundai’s intent to further enhance its commercial vehicle businesses in China whilst strengthening its competitive edge.
Under the MOU, Sichuan Energy will take over Namjun Auto’s 50 percent stake in Sichuan Hyundai, a commercial vehicle venture formed between Hyundai and Namjun in 2014. Hyundai and Sichuan Energy will later increase capital investment into Sichuan Hyundai to further improve its business.
The MOU signing ceremony was attended by key participants, including Yung Hsing Hsueh, Hyundai Motor Group's Standing Advisor for Business of China; Seong-Kwon Han, President of Hyundai Motor; Yin Li, Governor of Sichuan Province; Wu Xu, Mayor of Ziyang City; Wang Cheng, Vice Chairman of Sichuan Energy Industry.
Sichuan Hyundai plans to add five fresh models, broadening its existing lineup of six models with products that best meet the needs and preferences of Chinese customers, including new energy–powered commercial vehicle models. As a first step, the company plans to introduce an electric truck next year.
The venture will also explore opportunities to expand markets beyond China, such as South-East Asia and the Africa & Middle East.
"I hope the MOU provides a great opportunity for both the Sichuan province and Hyundai Motor to forge a stronger relationship and help further develop the Sichuan province’s automotive industry.” Said Yin Li, Governor of Sichuan Province.
Sichuan Energy Industry is the Sichuan province’s major state-owned investment enterprise, spreading its business among energy infrastructure construction and other energy projects. The company’s involvement in many industries like batteries, finance, and services will provide strong synergy with Sichuan Hyundai.
“Through this MOU, Hyundai Motor Company will improve the competitiveness of Sichuan Hyundai, and work to fulfill a key role in the Chinese government’s Western China development plan.” said Yung Hsing Hsueh, Hyundai Motor Group's Standing Advisor for Businesses of China.
Hyundai Motor and Sichuan Energy Industry plan to use the strengths of each company to cooperate in all areas of commercial vehicles, including research and development, production, sales, and service.
“The MOU signing between Hyundai Motor and Sichuan Energy Industry Investment Group is a meaningful occasion that marks a new leap for Sichuan Hyundai,” said Seong Kwon Han, President of Hyundai Motor Company.
While making the collaboration with Sichuan Energy Industry a success, Hyundai Motor will focus on the improvement of Sichuan Hyundai’s product competitiveness, production efficiency and sales capability to become a commercial vehicle company that is leading China’s commercial vehicle industry.
Hyundai Motor has established a mid- to long-range product development strategy through market and product analysis, whilst also improving its on-site research and development capability in China to launch attractive commercial vehicles.
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(from left) Seong Kwon Han, President of Hyundai Motor Company, Jehak Jang, Consul-general at Consulate General of the Republic of Korea in Chengdu, In Cheol Lee, Executive Vice President of Commercial Vehicle Division of Hyundai Motor Company, Yung Hsing Hsueh, Hyundai Motor Group's Standing Advisor for Business in China Circle, Yin Li, Governor of Sichuan Province
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is committed to becoming a lifetime partner in automobiles and beyond with its range of world-class vehicles and mobility services offered available in more than 200 countries. Employing more than 110,000 employees worldwide, Hyundai sold more than 4.5 million vehicles globally. Hyundai Motor continues to enhance its product line-up with vehicles that are helping to build solutions for a more sustainable future, such as NEXO – the world’s first dedicated hydrogen-powered SUV.
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Global PR Team / Hyundai Motor
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