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.
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