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"Currently, we sell about 450,000 smartphones in China every day," Ren said during an interview in late March. "Starting from April, monthly sales are expected to reach 20 million units."

"Companies from Europe and other parts of the world are all part of China's story of development", he said, adding they will continue to achieve mutual benefit through their operation in China.

"Chinese companies looking to acquire beyond China's borders focus on achieving dual goals—winning at home and exporting abroad, which enables them to strength their domestic competitive stance while simultaneously positioning for global expansion especially in developing markets," said Phil Leung, partner of Bain & Company.

"Chinese customers may know the two joint ventures, but have little knowledge of Hyundai as a group," Ryu said. "We have thought over the problem and made the decision to change."

"Contacts in the steel and aluminum industries expected higher prices as a result of the tariffs on these products but had not planned any new investments to increase capacity," the minutes said.