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Hyundai Motor’s China sales plunged in Feb.

March 4, 2016 - 13:26 By Korea Herald
Hyundai Motor saw its sales in China fall for a second straight month in February, industry data showed Friday.

Hyundai Motor sold 53,326 vehicles in China last month, down 28.1 percent from a year earlier, according to data obtained from the English division of Yonhap News Agency. This set of data is not finalized and may be subject to changes. 

Compared to a month earlier, sales shrank 29.3 percent.

This marked the second straight month of sharp declines following a 27.2 percent on-year fall in January. During the first two months of the year, its cumulative sales also plunged 27.6 percent to 128,462 units.

The latest sales data underlined the challenges facing Hyundai Motor, which has to compete with foreign carmarkers including those in China which have low-priced vehicles. Last year, Hyundai Motor’s overseas business was hit hard by slumping sales in China, one of its two major overseas markets along with the United States.

Its sales in China shrank 5.1 percent on-year in 2015. Hyundai was consequently unable to meet its annual sales target.

Earlier this year, Hyundai Motor Group, which owns Hyundai Motor and Kia Motors, said it aims to sell 8.13 million cars globally this year, lowering its business target from the previous year.

(khnews@heraldcorp.com)