The Spring Festival in Longhua City is extremely lively and full of joy. But in South Korea and the Hyundai-Kia Group, it is gloomy and gloomy.
Hyundai Kia Group, South Korea's largest car company, is also the only car company in South Korea. Other car companies have gone bankrupt, and now this group is about to follow suit.
"The banks have refused us loans. The government has also refused to provide assistance."
In the conference room, the words of group president Jin Xiujun made everyone sigh.
Since the rise of Tesla, Hyundai and Kia Group's car sales have continued to decline.
This year is even worse, sales have jumped even more sharply. Price reductions are useless, and inventory losses cannot be dealt with.
Korean cars have been comprehensively suppressed by Japanese, German, American, and Chinese cars around the world. Life has not improved, and today’s cars are all electrified, and Hyundai and Kia do not have any advantages in electrification.
.
All methods have been exhausted, including cooperation with Tesla and even selling to Tesla. But Tesla has no interest in Hyundai and Kia at all.
Now, Hyundai and Kia, which are heavily in debt, have only one way out. They have filed for bankruptcy and are now heavily in debt, and they can no longer continue.
As South Korea's largest car company, a large car company with hundreds of thousands of employees has fallen to this point in just a few years. It must be said that things are unpredictable.
"File for bankruptcy."
In the end, several major shareholders could only sigh and tried all methods. Hyundai and Kia's stocks had already fallen to the bottom and could not be sold at all.
The only thing they can do now is to file for bankruptcy. After all, they can't pay off so many debts. As for what will happen in the future, even if they are bankrupt, they still have to worry about the north and south.
"South Korea's Hyundai Kia Motors Group officially filed for bankruptcy"
"Heavily in debt, South Korea's largest car company went bankrupt, and there are no more car brands in South Korea."
"Another car company goes bankrupt"
"South Korea's economy is in recession, and the largest car company has officially gone bankrupt."
The news report has aroused heated discussions among many people. Especially in South Korea, countless people are even more depressed. Especially those who work in car companies, there are many of them.
Now that the company has gone bankrupt, they have lost their income. In fact, a long time ago, their income had dropped a lot.
Now, there is really no income at all. Maybe they will need to rely on government relief for a long time.
South Korea's economy has been in recession in the past two years, and after the establishment of the private sector, life has become even more difficult.
The powerful Samsung Group's assets have shrunk significantly. Some time ago, the shipbuilding industry suffered a critical blow, and the automobile industry was killed by Tesla.
The originally popular tourism industry has also been taken away, and the entertainment industry is also in recession.
Originally, South Korea's economy was relatively simple, and the chaebol economy had both advantages and disadvantages. Now that the chaebols are almost being screwed to death, South Korea's economic situation will naturally not be good.
Hyundai is bankrupt. For many car companies, Hyundai seems to be their own shadow. Whether they are Japanese, German or American brands, or Chinese independent brands, they are now facing a reshuffle.
The Tesla Group has many brands, and its cars cover all grades. Regardless of technology, configuration or product quality, the cars of the Tesla Group are at the forefront.
Under this circumstance, car companies will naturally have to reshuffle their cards, and some brands are destined to be eliminated. This includes the powerful German and Japanese brands.
Tesla has already successfully penetrated the German market. Volkswagen Zhang Fan holds shares, and Audi and Tesla are cooperating. However, the markets of BMW and Mercedes-Benz are overstocked, and now they can only cut prices to survive.
American brands have long been Tesla's replacement vehicles, but they are still doing well. Japanese brands are not having a good time either. Even Toyota's market has been greatly squeezed. Now they are relying on hydrogen energy to maintain their lives.
New industries, new economic layout, and new political landscape. South Korea is the first to bear the brunt.
Hyundai Kia went bankrupt, and large-scale demonstrations once again took place on the streets of South Korea. This year, parades have become the norm for the Korean people.
The economy is in recession and the unemployment rate is soaring. In this case, demonstrations are most likely to occur. They expect changes, but economic things cannot be achieved through their efforts.
Tesla headquarters and group executives also held meetings. For global car companies, the bankruptcy of Hyundai and Kia requires careful study and plans.
Although the market of Hyundai and Kia has been squeezed a lot, but now that it is bankrupt, the Korean market will definitely be vacant. This market is also a good market, and global car companies will definitely want to grab this market.
For Tesla, there is one less enemy. Now Tesla is the world's largest car company. But as the world's largest car company, Tesla is always full of crisis awareness.
Tesla knows very well that the electric era has allowed Tesla to rise rapidly. If it cannot keep up with the trend in the next era, it is likely to be eliminated directly.
Only with a sense of crisis can we survive for a long time. Tesla has always invested a lot in scientific research. Now the Tesla Group has a complete technology industry chain.
From parts to vehicle production to production lines, Tesla has the technology. It is also committed to developing new technologies to make cars safer, more comfortable, and with more functions.
"We need to follow up on the Korean market. Now we can contact Hyundai and Kia to see if they are interested in joint venture manufacturing with our Tesla."
The person in charge said with a smile that the Korean market is difficult to enter. Although the country is not big, the nation is very united. Now that Hyundai and Kia are bankrupt, it is a good thing to have ample opportunities after bankruptcy.
When the time comes, it will be a good path to jointly jointly create a modern factory and learn from the previous Chinese joint venture method to allow Tesla Group's models to enter the Korean market.
Now South Korea has no choice, either Hyundai Factory, or completely lose the automobile industry. For the sake of those employees, I am afraid they will choose Hyundai Factory. At least Hyundai Factory can still support some employees.
"Let's go to the R&D department to see our new cars."
After the meeting, a group of senior executives went directly into the R&D department. Tesla’s purpose for cars is to make cars safer and safer.
For cars, although they are a means of transportation, safety is the most important thing. How to make cars safer and improve safety while ensuring costs is something that all car companies are considering.
Tesla is no exception. It has continuously invested money in the past few years and now has obtained some technologies from the Zhang Group. The new cars they use new materials and new processes will greatly improve their safety, which is very important to Tesla.
This is a very gratifying thing. With the new technology, Tesla's brand value will be further improved.