South Korea’s Hyundai Motor Co (005380.KS) is in talks with the Chinese government to sell one of its factory sites in Beijing, news agency Yonhap reported on Friday, citing unnamed sources.
Yonhap said Hyundai Motor is promoting the sale of the factory site, the first one it had built in Beijing, to the Shunyi district government in China’s capital city.
Beijing Hyundai, the joint venture between Hyundai Motor and China’s BAIC Motor Corp Ltd (1958.HK), has three manufacturing plants in Beijing.
Hyundai and BAIC did not immediately respond to requests for comment.
Chinese media on Thursday reported electric vehicle (EV) maker Li Auto is interested in taking over the factory, citing unnamed sources. Li Auto declined to comment.
In April, Hyundai Motor Group said it plans to launch EVs in China every year starting 2022 to enhance its presence in the world’s biggest car market.