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Lotte Chemical sold off its entire stake in Lotte Samgang Chemical, a JV with a 
chemical company, in 2023. It also disposed of its stake in Lotte Chemical Jiaxing selling cement and materials for detergents in China.
Korean petrochemical companies are becoming less competitive in China as companies are waging a price war. They have been expanding on a large scale for several years. China used to be one of the largest importers of Korean petrochemicals but it is moving toward self-sufficiency. A slowdown in the growth of the Chinese economy has also reduced demand for petrochemical products in China.
The Korean battery industry is also reorganizing its Chinese business operations. LG Energy Solution sold off its stake in underperforming Jiangxi VL Battery in 2023. Jiangxi VL Battery is a small battery JV established by LG Chem with Becken Technology in 2020.
Samsung SDI liquidated its Wuxi and Changchun battery pack corporations in China in 2022 and is focusing on its Xi’an plant that manufactures battery cells. Both Wuxi and Changchun plants have been showing poor business results. Since their inception, they have reportedly struggled to operate normally due to a combination of the government’s regulations and China’s retaliations against Korea over the deployment of the THAAD system.
Korean conglomerates sold off or liquidated 46 production subsidiaries in China since 2016 when China’s ban on the Korean Cultural Wave began in earnest.
The situation is even worse in the Korean automotive industry. As Korean carmakers exited China, related Korean companies that used to supply parts are following them. Hyundai Motor sold its Beijing Plant No. 1 in 2021, followed by its Chongqing plant in 2023. It plans to sell its Changzhou plant this year. Hyundai once operated more than five factories but is now running three only in China.
As Hyundai Motor has been shrinking the size of its business operations in China, Hyundai Steel, a supplier of automotive steel plates, has also been restructuring its local subsidiary and plant in China. HL Mando jettisoned its Chongqing subsidiary, which produced brakes and suspensions. Hyundai Glovis sold all of its stakes in Glovis Changzhou, which was established in 2023 with Changzhou Group, China’s largest private automobile sales and logistics company.
businesskorea.co.kr/news/articleVi
chemical company, in 2023. It also disposed of its stake in Lotte Chemical Jiaxing selling cement and materials for detergents in China.
Korean petrochemical companies are becoming less competitive in China as companies are waging a price war. They have been expanding on a large scale for several years. China used to be one of the largest importers of Korean petrochemicals but it is moving toward self-sufficiency. A slowdown in the growth of the Chinese economy has also reduced demand for petrochemical products in China.
The Korean battery industry is also reorganizing its Chinese business operations. LG Energy Solution sold off its stake in underperforming Jiangxi VL Battery in 2023. Jiangxi VL Battery is a small battery JV established by LG Chem with Becken Technology in 2020.
Samsung SDI liquidated its Wuxi and Changchun battery pack corporations in China in 2022 and is focusing on its Xi’an plant that manufactures battery cells. Both Wuxi and Changchun plants have been showing poor business results. Since their inception, they have reportedly struggled to operate normally due to a combination of the government’s regulations and China’s retaliations against Korea over the deployment of the THAAD system.
Korean conglomerates sold off or liquidated 46 production subsidiaries in China since 2016 when China’s ban on the Korean Cultural Wave began in earnest.
The situation is even worse in the Korean automotive industry. As Korean carmakers exited China, related Korean companies that used to supply parts are following them. Hyundai Motor sold its Beijing Plant No. 1 in 2021, followed by its Chongqing plant in 2023. It plans to sell its Changzhou plant this year. Hyundai once operated more than five factories but is now running three only in China.
As Hyundai Motor has been shrinking the size of its business operations in China, Hyundai Steel, a supplier of automotive steel plates, has also been restructuring its local subsidiary and plant in China. HL Mando jettisoned its Chongqing subsidiary, which produced brakes and suspensions. Hyundai Glovis sold all of its stakes in Glovis Changzhou, which was established in 2023 with Changzhou Group, China’s largest private automobile sales and logistics company.
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