Losses serious modern import dealers to withdraw from the network compensation 900 million yuan

Wang Rongzhen, a Hyundai dealer in China, told Reuters on July 20 that Hyundai had pulled out of its lineup of products available to Chinese import dealers, offering only one model - the Fosi - for sale, with the Genesis luxury sedan and the Sunda on pre-order. Hyundai said import dealers could apply to become dealers of models produced by Beijing Hyundai, but Mr. Wang noted that no import dealer had successfully made the switch. "Dealers just want to sell cars," Mr. Wang said in an interview. "If the manufacturers don't provide models, we won't be able to sell, and we'll have to pull back." Hyundai Motor has nearly 40 import dealers in China, 30 of which are demanding compensation for withdrawing from the network.