Hyundai China Sales Slump to Four-Year Low - Bloomberg
Hyundai Motor Co. posted its lowest monthly plant sales in China in four years and said it would reduce prices to entice consumers in the world’s largest auto market. Hyundai produced and sold 54,160 vehicles from its plants in China last month, down 32 percent from a year earlier. Weak demand in China contributed to Hyundai posting its sixth consecutive decline in quarterly profit in the three months ending in June, when plant sales in China slumped 14 percent. Carmakers are struggling to adjust to what BMW AG has called a “normalization” of a market that has grew eightfold since 2000 and passed the U. S. as the world’s biggest car market in 2009. Ford Motor Co. now sees a potential annual decline in... Hyundai said Wednesday it’s offered discounts of as much as 30,000 yuan ($4,800) for its its Santa Fe SUV and 20,000 yuan for the ix35, known as the Tucson in U. S. and South Korea. Source: www.bloomberg.com
