Shanghai (ZXZC)- Li Hongpeng has resigned as Vice President of Commerce with Hyundai Motor Group (China) Ltd. and will become President of Wanda Automobile Technology Service Co.,Ltd., the automotive business unit of Chinese multinational conglomerate Wanda Group, from Jan. 2022, according to a local media outlet.

Li Hongpeng, photo credit: Hyundai Motor Group China

Li Hongpeng joined Hyundai Motor Group in June 2020 to be responsible for the management of the South Korean automaker’s China strategic planning and market expansion business. Other businesses like after-sale service, dealerships as well as public relations were also his duties in this capacity.

Before his career at Hyundai Motor Group, Li Hongpeng also held senior executive positions in Mercedes Benz and Ford Motor. In 2013, he started assuming the role of Senior Executive Vice President of Beijing Mercedes-Benz Sales Service Co.,Ltd., seeing China become the German brand's largest single market worldwide. Then he joined Ford Motor in 2018, serving as Ford's Vice President of Marketing and Sales for Greater China and President of Changan Ford's National Distribution Services Division (NDSD).

Wanda Automobile Technology Service Co.,Ltd. was set up on Nov. 22 this year with a registered capital of 100 million ($15.73 million), according to corporate database Tianyancha. One of its two shareholders is Dalian Wanda Group Co.,Ltd. It is permitted to operate businesses including the sales of new energy vehicles and auto parts, as well as EV charging service.

The new venture's formation came after Wanda Group formed a strategic partnership with FAW Group in mid-October to provide user experiences for owners of latter's Hongqi-branded cars. Per the agreement, Hongqi's vehicles will be sold at all Wanda Plazas across China.