South Korean automaker Hyundai Motors (OTC:HYMTF) is set to manufacture electric vehicles (EVs) for Chinese EV maker Arcfox, a brand co-owned by BAIC Motor Corp. (OTC:BMCLF).
As per a report from the Korean Economic Daily Global, the two companies have agreed to produce Arcfox EVs at Hyundai’s Beijing plant.
Arcfox, a 50-50 joint venture between Hyundai and BAIC Motor Corp established in 2017, has several models already in production, including the Alpha-S, which bears similarities to Tesla Inc‘s (NASDAQ:TSLA) Model S and Hyundai’s IONIQ 6.
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Discussions are still ongoing, and if the agreement materializes, this would be the first time Hyundai produces EVs under a foreign brand.
“The cooperation suggests Hyundai has yet to give up on the Chinese market,” an industry source said.
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