Hyundai scales down sales targets in US, China
Tuesday, 4 September 2007
SEOUL, Sept 3 (AFP): South Korea's largest carmaker Hyundai Motor has scaled down its sales targets in China and the United States due to tough market conditions, officials said today.
The firm said its venture in China reduced its annual target from 320,000 units to 260,000 in the first such move since the Chinese business was launched in 2002.
"The company will cut prices in China to cope with poor sales and competition," a Hyundai spokesman told AFP.
In the first seven months of this year, Hyundai saw sales in China falling 18.2 percent from a year earlier to 128,587 units.
In the US market Hyundai lowered this year's target from 555,000 units to 510,000, citing weak demand caused by subprime woes.
The firm said its venture in China reduced its annual target from 320,000 units to 260,000 in the first such move since the Chinese business was launched in 2002.
"The company will cut prices in China to cope with poor sales and competition," a Hyundai spokesman told AFP.
In the first seven months of this year, Hyundai saw sales in China falling 18.2 percent from a year earlier to 128,587 units.
In the US market Hyundai lowered this year's target from 555,000 units to 510,000, citing weak demand caused by subprime woes.