The chairman of Hyundai Motor has voiced concerns over the health of the market in the US in the wake of fuel price increases.
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“Demand in the United States has fallen considerably due to sharp rises in fuel prices,” a company statement quoted Chung Mong-koo as saying after a meeting with dealers of its vehicles operating in the United States.
Hyundai Motor, the world’s sixth-largest auto maker by sales volume along with its affiliate Kia Motors Corp., has set a target to boost this year’s sales volume by a fifth to 3.11m from 2.6m sold in 2007, a Reuters report noted.
The report added that the US market accounted for 18%, by volume, of its total car sales last year.
The company statement also quoted Kim Jong-eun, president of Hyundai’s U.S. sales unit, as saying forecasts about total US automobile market have been readjusted downward month by month.
“Total auto sales (in the US) have fallen for four consecutive months,” Kim said.
