Hyundai Motor, Kia Motors cut China output amid diplomatic tensions: HumSub.TV
Hyundai Motor, Kia Motors cut China output amid diplomatic tensions: HumSub.TV: South Korea’s Hyundai Motor Co and Kia Motors Corp have slashed vehicle production in China, people familiar with the matter told Reuters, amid diplomatic tensions and competition from local brands.
China, the world’s biggest auto market, accounted for over a quarter of the pair’s 2016 overseas sales but their March sales there were hit by anti-Korean sentiment and competition from local automakers like Geely Automobile Holdings Ltd.
Kia Motors has cut production shifts at its China factories, two of the sources said. One of them said Hyundai also had eliminated a second shift from its three factories in Beijing starting mid-March.
The sources declined to be identified because the matter was not public. The automakers declined to comment on Tuesday.
Hyundai earlier said it had suspended output at its factory in Hebei from March 24 to April 4. It was unclear how the shift cut would affect employment there.
Political tensions have soared since late February when South Korea’s Lotte Group agreed to provide land for a U.S. missile defence system in South Korea. The move angered Beijing, although Seoul says the system is a response to North Korea’s nuclear threat and is not intended to contain China.
South Korean firms including Lotte Group have encountered difficulties in China such as boycott calls in state media, protests, suspension of operations and cyber crime.
The South Korean automakers said on Monday that weaker sales in China had likely dragged down overseas sales in March, blaming poor “consumer sentiment towards Korean products”.
At Kia Motors, China sales likely more than halved in March from the year prior, a person familiar with the matter told Reuters.But sources said the sales falls may have stemmed from competition from local rivals rather than the political fallout.
The likes of Geely have gained market share with cheaper sport utility vehicles at the expense of Hyundai and Kia, which rely heavily on sedans.
Hyundai Motor shares fell 1.9 percent and Kia Motors declined 0.7 percent in the wider market, which was down 0.2 percent in morning trade on Tuesday.
Hyundai Motor, Kia Motors cut China output amid diplomatic tensions: HumSub.TV. Hyundai Motor, Kia Motors cut China output amid diplomatic tensions: HumSub.TV
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Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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