Hyundai and Kia sales slumped in 2019 on weakness in China GlobeBusiness
Employees of Hyundai Motor Group leave after the company's new year ceremony in Seoul, South Korea, on Jan. 2, 2020.South Korea’s Hyundai Motor and affiliate Kia Motors turned in their lowest sales in seven years in 2019 as business in China slumped, missing their target for a fifth straight time, but forecast better numbers for 2020.
Their sales have slumped in China, the world’s biggest auto market, offsetting a recovery in the United States where demand for their new sport utility vehicles and a favourable currency exchange rate have helped.Hyundai and Kia, however, said they expect combined sales to rise 5 per cent to 7.54 million vehicles this year, without giving any further details. That compares with a 0.4 per cent growth in global market projected by its think tank and a 0.
“Hyundai underperformed the market in November, and it’s too early to say that China’s industrial demand will be seeing a complete recovery.”
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