Hyundai Cuts Forecast for Korean Car Sales
Hyundai Motor Co., Korea’s largest carmaker, cut its forecast for domestic Korean sales this year by 27 percent because of weakening demand and rising oil prices.
The automaker lowered its forecast for sales in South Korea to 1.1 million units from 1.5 million units in a statement by Hyundai Motor Vice Chairman Kim Dong-jin, which appeared on the company’s internal Web site.
“The business environment is worsening,” Kim said on the internal Web site for Hyundai Motor employees.
“We are being threatened by weak domestic sales and high oil prices.” Hyundai Motor, Kia Motors Corp. and Korea’s three other automakers have been focusing on exports as consumer demand slumps at home.
Growth in Asia’s third-largest economy stayed at a one-year low of 0.6 percent in the third quarter, partly because credit card debts forced consumers to spend less.
The automaker lowered its forecast for sales in South Korea to 1.1 million units from 1.5 million units in a statement by Hyundai Motor Vice Chairman Kim Dong-jin, which appeared on the company’s internal Web site.
“The business environment is worsening,” Kim said on the internal Web site for Hyundai Motor employees.
“We are being threatened by weak domestic sales and high oil prices.” Hyundai Motor, Kia Motors Corp. and Korea’s three other automakers have been focusing on exports as consumer demand slumps at home.
Growth in Asia’s third-largest economy stayed at a one-year low of 0.6 percent in the third quarter, partly because credit card debts forced consumers to spend less.
Comments
Post a Comment