Hyundai cuts sales goals for China and the US

Posted on Wednesday, 5 September 2007 , 10:09:17 byEmil

Filed under hyundaisaletargetgoalmarketchinau.s.Hyundai

Hyundai cuts sales goals for China and the US

Hyundai will cut its 2007 sales goals for China and the U.S., the reason for the reduction being slumping market credits. Hyundai will decrease its U.S. sales target by 8.1% to 510,000 autos. `Consumer sentiment is down as well because of the subprime mortgage crisis,` said Jake Jang, Hyundai spokesman.

In 2007, in the first 7 months, Hyundai`s sales were 280,106 cars in the U.S. and has lower its market share - from 2.85% to 2.9%.

The Korean carmaker will reduce its sales projections for China by 16% to 260,000 autos. Through the first 7 months of this year, Hyundai has a 4.4% share of the market in China.

Automotive News reports that Hyundai sold 455,520 autos in the U.S. and 290,011 during 2006 in China, with 2.56 million worldwide sales.