Zombie Internal Combustion car factories in China as buyers choose EVs

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Back in 2017, Hyundai committed $1.15 billion toward establishing a new factory in Chongqing, situated in southwestern China. The objective was to achieve an annual production capacity of 300,000 internal combustion engine vehicles. However, six years later, the swift transition of Chinese consumers to electric vehicles has hindered sales, compelling the carmaker to divest the factory in December. The sale fetched less than a quarter of the initial investment value.

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