Beijing (Gasgoo)- On December 11, BAIC Capital, the investment arm of Chinese automaker BAIC Group, and Hyundai Motor jointly announced an additional investment of $1.095 billion (approximately 8 billion yuan) into their joint venture, Beijing Hyundai, aiming to enhance competitiveness in China and drive strategic transformation.
Under the agreement, BAIC Capital and Hyundai Motor will each contribute $548 million, proportionate to their ownership stakes in Beijing Hyundai. The capital infusion will be completed in phases, increasing Beijing Hyundai's registered capital to $4.074 billion. BAIC Capital and Hyundai Motor will maintain equal 50% ownership, and Beijing Hyundai will continue to operate as a joint venture.
Amid the rapid shift toward electrification and intelligent mobility, Beijing Hyundai is transitioning away from reliance on traditional internal combustion engine vehicles. The company has outlined its "In China for the World" strategy for 2024, which prioritizes future-focused initiatives.
Beijing Hyundai plans to introduce products tailored to Chinese consumers in areas such as electrification, smart technologies, and autonomous driving. Local R&D capabilities will be strengthened through its local technology centers in Yantai and Shanghai to support innovation in intelligent and electric vehicles. Starting in 2025, Beijing Hyundai will launch a new lineup of fully electric vehicles and establish a comprehensive new energy vehicle portfolio for the Chinese market.
Furthermore, Beijing Hyundai aims to serve as Hyundai Motor's global export hub, with annual production capacity projected at 500,000 units, including 100,000 units for export.
