Hyundai Motor April sales fell slightly, as new model launches and tax incentives failed to spur domestic sales in the face of a consumer credit crunch.

Reuters said Hyundai and its smaller rivals have suffered a protracted slump in domestic sales, which account for the bulk of their business, but strong exports have helped to shore up their revenue base.

Hyundai Motor, which controls half of the local market, reportedly said April sales fell 2% to 185,927 vehicles from a year ago while exports rose 3.9% to 134,406, helped by brisk sales of the compact Getz and the Matrix minivan in Europe.

Analysts reportedly voiced caution on the outlook for Hyundai despite growing European sales, as US sales showed signs of a slowdown.

Reuters noted that Hyundai made its debut in the popular small SUV segment with the March launch of the Tucson, a slimmed-down version of the hot-selling Santa Fe SUV, for which it has received more than 15,000 orders so far.