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.
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By GlobalData“Total auto sales (in the US) have fallen for four consecutive months,” Kim said.
