供貨商風(fēng)波導(dǎo)致現(xiàn)代汽車股價(jià)下挫

Hyundai Motor shares continued to slide on Friday as the group battled with its China joint venture partner over supplier strategy, and following a drop in sales in its most important market.

周五，現(xiàn)代汽車(Hyundai Motor)的股價(jià)繼續(xù)下挫，原因是該公司與中國合資伙伴在供貨商戰(zhàn)略上發(fā)生了分歧，而且此前該公司在其最重要的市場中國的銷量出現(xiàn)下滑。

The shares were down 1.5 per cent at Won136,000 in the afternoon, and had earlier fallen as much as 3.6 per cent.

午盤時(shí)段，現(xiàn)代汽車股價(jià)下挫1.5%，至每股13.6萬韓元，此前一度下跌3.6%之多。

The South Korean carmaker said on Friday that its joint-venture plant in Cangzhou, Hebei province, resumed operations on Thursday afternoon. This came two days after a German supplier refused to provide parts because of non-payment — the company’s second such incident in recent weeks.

這家韓國車企周五表示，其設(shè)在河北省滄州的合資工廠已于周四下午恢復(fù)生產(chǎn)。兩天之前，一家德國供貨商因未收到貨款而拒絕向該廠供應(yīng)零部件，這是數(shù)周來現(xiàn)代汽車第二次遭遇此類事件。

Hyundai said talks were continuing with the supplier over the payment issue.

現(xiàn)代汽車表示，其正繼續(xù)跟這家供貨商討論付款問題。

Hyundai is the middle of crisis in China, its biggest market, amid a consumer backlash against South Korean products following the controversial installation of a US missile shield in South Korea.

現(xiàn)代汽車在其最大市場中國陷入一場危機(jī)。其大背景是，韓國不顧爭議部署美國導(dǎo)彈防御系統(tǒng)后，中國消費(fèi)者對韓國產(chǎn)品進(jìn)行了抵制。

Hyundai and its affiliate, Kia Motors, ranked third in China by sales until last year. However, in the first eight months of this year, shipments by Hyundai’s joint venture in China slid more than 40 per cent over the same period last year, according to Daiwa Capital Markets.

去年，現(xiàn)代汽車及其關(guān)聯(lián)企業(yè)起亞汽車(Kia Motors)在中國市場的銷量排在第三位。但大和資本市場(Daiwa Capital Markets)的數(shù)據(jù)顯示，今年頭8個(gè)月，現(xiàn)代汽車在華合資公司的發(fā)貨量同比下滑逾40%。

The group’s China troubles have alarmed investors in Hyundai and Kia. Their parts-making affiliates Hyundai Mobis and Hyundai Wia plunged about 6 per cent on heavy foreign selling on Friday.

現(xiàn)代汽車在中國遭遇的麻煩引起了現(xiàn)代和起亞投資者的不安。兩家公司的關(guān)聯(lián)公司、零部件生產(chǎn)商現(xiàn)代摩比斯(Hyundai Mobis?)和現(xiàn)代威亞(Hyundai Wia)的股票周五遭遇外國投資者強(qiáng)力賣出，股價(jià)下跌了約6%。

Hyundai Motor has lost about a fifth of its market capitalisation since mid-June, shedding $6.8bn in value, according to Bloomberg data.

彭博(Bloomberg)數(shù)據(jù)顯示，自6月中旬以來，現(xiàn)代汽車的市值約蒸發(fā)了五分之一，縮水68億美元。

The joint venture’s rapidly deteriorating commercial situation has frayed relations with Hyundai’s local partner, BAIC Motors.

現(xiàn)代汽車在華合資企業(yè)商業(yè)狀況的迅速惡化，令現(xiàn)代汽車與其中國合資伙伴北汽(BAIC Motor)之間的關(guān)系緊張起來。

BAIC is pressuring Hyundai to shift to cheaper Chinese parts suppliers to cut costs. But Hyundai wants to stick to existing suppliers, mostly South Korean companies including its affiliates, to ensure quality, analysts said.

北汽正敦促現(xiàn)代轉(zhuǎn)向價(jià)格更低的中國零部件供貨商，以削減成本。但分析師表示，現(xiàn)代想繼續(xù)跟現(xiàn)有供貨商(主要是韓國公司，其中包括現(xiàn)代汽車的關(guān)聯(lián)公司)合作，以求保證產(chǎn)品質(zhì)量。

BAIC is fed up with Hyundai’s “greed and arrogance” over the supplier issue, according to the provocative state-backed Chinese daily Global Times. “Officials at BAIC are very determined to solve the issue once and for all, even if that might risk losing the JV,” the newspaper said on Wednesday, quoting an unnamed insider.

官方背景、喜歡挑起爭執(zhí)的日報(bào)《環(huán)球時(shí)報(bào)》(Global Times)稱，北汽在供貨商問題上已經(jīng)受夠了現(xiàn)代的貪婪和傲慢。該報(bào)周三引用一位不具名內(nèi)部人士的話稱，北汽高管決心一勞永逸地解決這個(gè)問題，即便可能要冒失去這家合資企業(yè)的風(fēng)險(xiǎn)。

Hyundai declined to comment on the Global Times report, but said its tie-up with BAIC will be maintained, adding that it is “in various talks [with its Chinese partner] to strengthen the competitiveness of our China business”.

現(xiàn)代拒絕評(píng)論《環(huán)球時(shí)報(bào)》的報(bào)道，但它表示它與北汽的合作關(guān)系將得到維持。該公司還稱，它正與(中方合作伙伴)“展開各種討論，以強(qiáng)化我們中國業(yè)務(wù)的競爭力”。

Most suppliers of Hyundai in China have not been paid since May as BAIC aims to cut its parts bill by about a third, according to people in the industry. Hyundai and Kia plan to provide their struggling suppliers in China with Won250bn ($222m) to shore up the groups’ dwindling liquidity.

業(yè)內(nèi)人士表示，現(xiàn)代在中國的供貨商自5月以來一直沒有收到貨款，而北汽方面希望將其零部件成本降低大約三分之一?，F(xiàn)代和起亞打算向它們在中國市場的陷入困難的供貨商提供2500億韓元(合2.22億美元)，以提振這些供貨商日益萎縮的流動(dòng)性。

Chung Sung-yop, analyst at Daiwa, said falling sales in China had led to a divergence in both parties’ supplier strategies as the capacity utilisation rate of Hyundai’s JV plants fell to below 45 per cent in August. Hyundai late last month had to halt output from four factories in China for several days over a payment dispute with a supplier.

大和資本市場分析師鄭承燁(Chung Sung-yop)表示，在華銷量下滑導(dǎo)致合資雙方在供貨商戰(zhàn)略方面產(chǎn)生分歧，8月份，現(xiàn)代合資工廠的產(chǎn)能利用率已降到45%以下。上月末，由于跟一家供貨商發(fā)生付款糾紛，現(xiàn)代被迫讓4家中國工廠停產(chǎn)數(shù)天。

Mr Chung said the possibility of BAIC terminating its JV with Hyundai remained low, given its huge sunken costs. He estimated the Chinese carmaker has spent about $1bn in building its two latest JV plants with Hyundai in China.

鄭承燁表示，鑒于沉沒成本巨大，北汽停掉其與現(xiàn)代的合資公司的可能性仍然很低。他估計(jì)，北汽在修建其與現(xiàn)代的最新兩座在華合資工廠方面，已經(jīng)花了大約10億美元。