Changan Deepal Acquires Hyundai’s Chongqing Plant for $228M
In a significant move reshaping China’s automotive industry, EV Changan’s subsidiary, Deepal Automobile Technology Co., Ltd., has acquired the former Beijing Hyundai Motor Company plant in Chongqing. The deal involves a purchase price of around $228 million and marks an important step for domestic EV brands as they continue to expand their presence within the country.The sprawling facility originally broke ground back in 2015 with plans to produce up to 300,000 vehicles annually. However, it has been sitting idle since December 2021 following a series of unsuccessful sales attempts that saw the price drop from $517 million down to its final sale figure. Despite this, Deepal remains tight-lipped about immediate production plans for the factory but has hinted at future opportunities.Deepal's...