Hyundai Motor unlikely to meet 2008 US sales target
Monday, 13 October 2008
SEOUL, Oct 12 (Reuters): Hyundai Motor Company, South Korea's top auto maker, is unlikely to meet its US sales target for this year as the US financial crisis hit demand in the world's top auto market, a company president said.
Hyundai, the world's No.5 car maker along with its affiliate Kia Motors Corporation, still plans to go ahead with investment in new factories in Russia and Brazil as the outlooks for those markets is bright, Choi Jae-kook, a president of Hyundai's international sales, said late Friday.
His remarks were embargoed until 0100 GMT Sunday.
"We will face difficulties in developed markets such as the US and Europe. As all of you know, (the) credit crisis is much bigger than expected with a US US$700 billion bailout and worldwide rate cuts failing to help financial markets," Choi told reporters after unveiling the Genesis Coupe, Hyundai's first real-wheel drive sportscar.
Hyundai, the world's No.5 car maker along with its affiliate Kia Motors Corporation, still plans to go ahead with investment in new factories in Russia and Brazil as the outlooks for those markets is bright, Choi Jae-kook, a president of Hyundai's international sales, said late Friday.
His remarks were embargoed until 0100 GMT Sunday.
"We will face difficulties in developed markets such as the US and Europe. As all of you know, (the) credit crisis is much bigger than expected with a US US$700 billion bailout and worldwide rate cuts failing to help financial markets," Choi told reporters after unveiling the Genesis Coupe, Hyundai's first real-wheel drive sportscar.