According to Hyundai, which decided to sell its Beijing unit in 2022 because of slow sales, the Beijing unit's net loss is more than 100 billion won ($76,475 million) since 2018.
In 2002, Hyundai Steel started to supply automotive steel sheet to Hyundai motor and its sister company Kia, which it established through its Beijing unit in the city.
The net loss experienced today is the result of these two big companies reducing their market shares in China.
The boycott of the South Korean brand by Chinese customers brought about the South Korea-China conflict.
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