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For years, Hyundai Motor Group seemed to be at a loss on how to fix its moribund operations in China, where combined sales of the Hyundai and Kia brands shriveled from a peak of 1.8 million in 2016 to below 360,000 in 2022. Over the past several months, the Korean auto giant has hammered out a multi-dimensional roadmap on how to operate in the market going forward.
Over the past two years, the total number of passenger vehicle exports from China to the global market has increased by 211 percent.
Foreign automakers were forced to take a back seat as around 100 new vehicles made their debut at the Shanghai show -- with the majority of them from Chinese brands.
Chinese automakers are looking overseas for growth and profits as price cuts at home, spurred by Tesla, create a full-blown industry pricing battle that is engulfing nearly all automakers operating in China.