They sold their $200 million USD factory for $70 dollars, joining the ranks of other auto manufacturers such as Nissan and Renault who sold their assets for the price of a KFC family bucket.
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They have buyback clauses. Unfortunately I don’t think they will get to exercise them. I wonder why they couldn’t just let plants stay as they are.
Analysts estimate $400 million USD in losses for Hyundai last year from fixed expenses. Either they couldn’t justify that expense to shareholders anymore or the S.Korean government failed to negotiate with the US to resume production and we’re seeing the surface consequences.
