Hyundai has announced it will cut its 2007 sales targets for the U.S. and China, citing slumping credit markets as the reason for the reduction. Hyundai will lower its U.S. sales goal by 8.1% to 510,000 vehicles. “Consumer sentiment is down as well because of the subprime mortgage crisis,” said Hyundai spokesman, Jake Jang.
In the first 7 months of 2007, Hyundai has sold 280,106 vehicles in the U.S. and has increased its market share from 2.85% to 2.9%.
The Korean automaker also announced that it would reduce its sales forecast for China by 16% to 260,000 vehicles. Hyundai has a 4.4% share of the Chinese market through the first 7 months of the year.
According to Automotive News, Hyundai sold 455,520 vehicles in the U.S. and 290,011 in China during 2006, with worldwide sales totaling 2.56 million.
