Sci-tech

Hyundai Motor halts production in China as THAAD row damages sales

Hyundai Motor halts production in China as THAAD row damages sales

This year, the maker of the Sonata sedan and Santa Fe SUV has suffered steep declines in China sales as a diplomatic row has escalated between Seoul and Beijing over the deployment of an advanced US missile defense system, called THAAD, in South Korea.

The Associated Press reports the shutdown occurred last week when the automaker failed to a pay a supplier.

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All four of its factories that have been in operation in China had stopped manufacturing vehicles as of Tuesday after a local parts supplier refused to supply components when Hyundai delayed payment. Reportedly, Beijing is anxious that the USA system with its powerful radar apparatus would spy on Chinese defense installations and more. The automaker remains in negotiation with the supplier as they work out a payment issue and the plants slowly return to capacity. The amount overdue is roughly 17-million United States dollars, according to local media outlets but the exact figure is yet to be confirmed by Hyundai Motor. Things weren't any better for the automaker in the April-June quarter, as sales in China dropped 64 percent from the previous year's numbers.

In the January-July period, Hyundai sold a total of 351,292 vehicles in China, down 41 percent from 592,785 units a year earlier.

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Obviously, this dramatic effect on an important South Korean company is outweighed by China's fear of USA aggression in defense of its economic and strategic partner.

The Financial Times reports the THAAD system has created a "full economic war" against South Korean companies, with Hyundai being one of the most affected.

Europe's gasoline exports set to surge on Harvey outages
Goldman also said around 1.4 million bpd of crude production was disrupted, equivalent to 15 percent of total USA output. Traders in Asia have also scrambled to buy oil products to ship to the United States and Latin America.


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