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.
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09/04, 1:29 PM
posted by:
jackjimturkey
Doesn’t change the fact that they make good cars
09/04, 1:36 PM
posted by:
tripleonefive
They will still sell more than the domestics
09/04, 1:56 PM
posted by:
autonut
What is amazing that at the same time Toyota plans to increase sales and production. Do same market conditions affect manufacturers differently?
09/04, 2:10 PM
posted by:
1487_GM_SALES
Most of these cuts are the Veracruz, the Sonata and the Elantra.
Hyundai has realized they don’t hold a candle to the new Lambdas, the Sonata has flooded the rental lots to the point of overflowing (Nobody buys Sonatas but rental companies) and the Elantra is about to have its ass handed to it by the awesome new Saturn Astra. Also, Buick is a success in China, who will never buy Korean crap. Even China knows that the US is the leader in the auto industry.
GM is dominating and Hyundai is too small of a fish to survive.
09/04, 2:13 PM
posted by:
Impulsive
“autonut”, that’s rhetorical, right?
09/04, 3:06 PM
posted by:
Commodore
what do u say about that triple one five?? GM is the top automaker in china AND in the US. bitch
09/04, 9:02 PM
posted by:
Cire
I just don’t find their products to be visually appealing. The Sonata is more boring to look at than either the Camry or Accord. The Elantra has some outdated technology in addition to looking like someone has left it out in the sun too long. The Azera looks even less like a near luxury sedan than its predecessor. They just finished installing a fish lip front end on the Tiburon (I know “Tiburon” is Spanish for shark, but it doesn’t need to look like an aquatic animal). The Tuscon looks cheap, the Veracruz has an awkward grill, the Entourage is a Kia rebadge, and the Santa Fe is too derivative of other company’s designs. Hyundai has made big strides in improving its image and quality reputation. It needs to continue to build on the ground it has gained and add some serious standout styling to firmly establish its place in the minds and hearts of the buying public. “Loaded for Less” and great warranty coverage can only take you so far.
09/05, 1:33 PM
posted by:
jackjimturkey
Cire: hyundai will Jump The Shark when its cars are indistinguisable from Hondas
09/12, 11:26 PM
posted by:
tripleonefive
Commodore
I can care less about China If GM were smart (which they are NOT just like you ) they would just move buick to chine bc thats the only place they sell.
Hyundai knows what they are doing and they make better cars then GM the Sonata isnt my cup of tea but its damn sure better than a Malibu or Aura
The Veracruz needs a navi system but its the SUV that beat teh Lex Lets see a ****ing Ranier or Enclave do that bitch
Hyundai is the next Toyota and GM still and more than likely always will sell crap