Hyundai Motor group chairman Chung Mong-koo told regional chiefs to tighten up their production and sales policies in overseas markets ahead of a possible slowdown in sales in coming months.
Company insiders told the Korea Herald Chung was briefed on first half sales and current market issues across regions at a meeting with some 60 executives in charge of global operations this week in Seoul.
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They added Chung expects the domestic market to continue to suffer in the second half of this year so there is a need to focus more resources on overseas markets.
With car sales slowing in Europe, India and Russia, along with slower growth in China, and the cheaper Japanese yen, the business environment shows no positive signs, according to Chung who called for “pre-emptive measures not to lose the current growth momentum”.
Hyundai and Kia brands sold 3.83m vehicles in the first half of this year, up 7% from 3.57m a year ago. During this period the global car market rose just 2.2%.
