SEOUL– Hyundai Motor Co., South Korea’s biggest carmaker by sales, has replaced its head in China, a company official said Saturday, in a move to help overcome challenges in the world’s largest auto market.
Hyundai named Tao Hung Tan, an executive vice president, as a new CEO of Beijing Hyundai Motor Co., a 50-50 joint-venture between Hyundai and Beijing Automotive Group, the official said.
Tao is set to take his new post on Monday, replacing Chang Won Shin who will return to Hyundai Motor headquarters in Seoul.
The reshuffle came amid Hyundai’s declining sales in China, a drop widely blamed on a diplomatic row between Seoul and Beijing over the deployment of a U.S. missile defense system in South Korea.
In the January-July period, Hyundai’s sales in China plunged 41 percent to 351,292 vehicles from 592,785 units a year earlier. It is widely expected to miss this year’s sales target for the market of 1.25 million units.
Source: Yonhap News Agency