The official change of the plant's logo is slated for late October, but the new logo hasn't been put into use yet.

On November 24, as reported by the Economic Observer, Beijing Hyundai's Chongqing plant has been taken over by Changan Automobile and has now been transformed into a production line for Shenlan Auto. In response to this news, Shenlan Auto confirmed: "That's correct."

This plant marks the fifth complete vehicle manufacturing facility that Beijing Hyundai has constructed in China. Once hailed as its "most advanced," construction commenced in 2015, and the plant officially kicked off production in August 2017. Spanning an area of 1.87 million square meters with a total investment of RMB 7.7 billion, it boasts an annual production capacity of 300,000 vehicles. However, as Beijing Hyundai's sales in the Chinese market kept plummeting, the plant ceased operations in December 2021.

In a bid to curb losses, Beijing Hyundai put its Chongqing plant up for sale in August 2023. But the auction flopped, with no bids received at the asking price of RMB 3.68 billion. This incident sent ripples through the automotive industry in 2023. Following the failed auction, the plant was relisted on September 27, 2023, with the starting bid slashed to RMB 2.58 billion, a reduction of RMB 1.1 billion. Still, it failed to attract any buyers. A third attempt was made, with the starting bid set at RMB 2.248 billion, yet again, no purchase was made. Eventually, by the end of 2023, the plant was sold to Yufu Industrial Park Construction Investment Co., Ltd. in the Liangjiang New Area of Chongqing for RMB 1.62 billion, less than half of the initial listing price.

Over the course of seven years, the initial RMB 7.7 billion investment has shrunk to a mere RMB 1.62 billion, resulting in a staggering loss of RMB 6 billion! The market share of Korean vehicles in China has taken a nosedive from a peak of 10% to less than 2% today. The plant's "half-price sale" stands as a poignant reminder of this decline. Meanwhile, following Changan's acquisition, Shenlan's production capacity has soared, creating a thrilling tale of the ebb and flow between old and new forces in the automotive industry. Some view this as a true reflection of the retreat of joint ventures and the advance of domestic brands.

This acquisition also mirrors the current shifts in the automotive industry landscape, highlighting the idle capacity of joint venture brands and the rapid expansion of domestic new energy brands. From January to October 2025, Shenlan Auto's cumulative sales reached 206,000 vehicles, marking a year-on-year increase of 57.1%.

Thank you for reading.