Hyundai Motor worries about China, U.S. sales

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Hyundai Motor worries about China, U.S. sales

Hyundai Motor Group on Friday held a meeting with representatives of its overseas sales operations in Seoul to discuss ways to boost sales, the company said Friday.

On Friday, some 50 representatives of Hyundai Motor Group’s overseas sales offices gathered at its headquarters in southern Seoul to share views on the automobile market and sales strategies for each market for the new year, the group said in a statement.

In separate meetings with the salespeople, Hyundai Motor Vice Chairman Chung Eui-sun and Kia Motors Corp.’s Vice Chairman Lee Hyoung-keun underlined reviving sales in major markets, including China and the United States, in 2018, it said.

This year, the two carmakers performed poorly in the U.S. and Chinese markets due to a lack of SUV models and a diplomatic row.

In China, Hyundai and Kia suffered sharp sales declines due to a standoff over the installation of an advanced U.S. anti-missile system on Korean soil.

From January to October, Hyundai’s sales in China, the world’s biggest automobile market, plunged 48 percent on-year to 255,182 vehicles from 493,695 units. Kia’s dropped 34 percent to 569,356 from 869,000.

Hyundai and Kia’s combined sales in the U.S. also backtracked 10.4 percent to 1,067,077 from 1,190,934 during the 10-month period due to a lack of new models, particularly SUVs.

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