A labourer works at the main factory of Hyundai Motor in Ulsan, about 410 km (256 miles) southeast of Seoul, July 13, 2012. REUTERS/Lee Jae-Won
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Hyundai Motor Co. plans to ship China-made cars to Southeast Asia, its China joint venture and two people familiar with the matter told Reuters, as a plunge in Chinese sales has left much of its massive local manufacturing capacity idled. Hyundai once ranked third by China sales alongside affiliate Kia Motors Corp.The automaker booked China sales of 30,018 cars in July, down 40 percent from July last year and its lowest monthly total since the 2008 global financial crisis.It aims to sell 900,000 cars in China this year versus 785,000 last year, however the target is almost half of its 1.65 million vehicle capacity.Should it export from China to Southeast Asia, it may avoid tariffs of up to 78 percent in Vietnam, for instance, on cars built in South Korea versus 50 percent for those made in China.
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