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Industry watchers said that South Korea-based Hyundai Motor Co.'s damage from the devastating blasts in China's Tianjin port city has been pegged at 160 billion South Korean won ($136 million), reported The Korea Herald citing Yonhap News Agency.
The blasts involved a shipment of explosives at the Ruihai warehouse in the port city, said China Central Television. Hyundai had parked about 4,000 vehicles at the site. "All automobiles damaged from the explosion will be covered by our insurance, so there are no significant losses," a Hyundai official said.