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，现代汽车(Hyundai Motor)的股价继续下挫，原因是该公司与中国合资伙伴在供货商战略上发生了分歧，而且此前该公司在其最重要的市场中国的销量出现下滑。

　　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.

　　午盘时段，现代汽车股价下挫1.5%，至每股13.6万韩元，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.

　　这家韩国车企周五表示，其设在河北省沧州的合资工厂已于周四下午恢复生产。两天之前，一家德国供货商因未收到货款而拒绝向该厂供应零部件，这是数周来现代汽车第二次遭遇此类事件。

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

　　现代汽车表示，其正继续跟这家供货商讨论付款问题。

　　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.

　　现代汽车在其最大市场中国陷入一场危机。其大背景是，韩国不顾争议部署美国导弹防御系统后，中国消费者对韩国产品进行了抵制。

　　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，现代汽车及其关联企业起亚汽车(Kia Motors)在中国市场的销量排在第三位。但大和资本市场(Daiwa Capital Markets)的数据显示，今年头8个月，现代汽车在华合资公司的发货量同比下滑逾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.

　　现代汽车在中国遭遇的麻烦引起了现代和起亚投资者的不安。两家公司的关联公司、零部件生产商现代摩比斯(Hyundai Mobis?)和现代威亚(Hyundai Wia)的股票周五遭遇外国投资者强力卖出，股价下跌了约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)数据显示，自6月中旬以来，现代汽车的市值约蒸发了五分之一，缩水68亿美元。

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

　　现代汽车在华合资企业商业状况的迅速恶化，令现代汽车与其中国合资伙伴北汽(BAIC Motor)之间的关系紧张起来。

　　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.

　　北汽正敦促现代转向价格更低的中国零部件供货商，以削减成本。但分析师表示，现代想继续跟现有供货商(主要是韩国公司，其中包括现代汽车的关联公司)合作，以求保证产品质量。

　　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、喜欢挑起争执的日报《环球时报》(Global Times)称，北汽在供货商问题上已经受够了现代的贪婪和傲慢。该报周三引用一位不具名内部人士的话称，北汽高管决心一劳永逸地解决这个问题，即便可能要冒失去这家合资企业的风险。

　　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”.

　　现代拒绝评论《环球时报》的报道，但它表示它与北汽的合作关系将得到维持。该公司还称，它正与(中方合作伙伴)“展开各种讨论，以强化我们中国业务的竞争力”。

　　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.

　　业内人士表示，现代在中国的供货商自5月以来一直没有收到货款，而北汽方面希望将其零部件成本降低大约三分之一。现代和起亚打算向它们在中国市场的陷入困难的供货商提供2500亿韩元(合2.22亿美元)，以提振这些供货商日益萎缩的流动性。

　　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.

　　大和资本市场分析师郑承烨(Chung Sung-yop)表示，在华销量下滑导致合资双方在供货商战略方面产生分歧，8月份，现代合资工厂的产能利用率已降到45%以下。上月末，由于跟一家供货商发生付款纠纷，现代被迫让4家中国工厂停产数天。

　　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.

　　郑承烨表示，鉴于沉没成本巨大，北汽停掉其与现代的合资公司的可能性仍然很低。他估计，北汽在修建其与现代的最新两座在华合资工厂方面，已经花了大约10亿美元。