SKorea’s Hyundai lowers sales target on weak demand

South Korea’s top automaker Hyundai Motor on Sunday lowered its domestic sales target for 2008 due to weakening demand amid rising prices of oil and raw materials, company officials said.

Hyundai said in a revised forecast that it expects to sell about 630,000 vehicles at home this year, down 5.9 percent from its original target of 670,000.
Last year, it sold 625,275 units in South Korea.

Hyundai Motor Vice Chairman Kim Dong-Jin said in a statement that “an economic downturn and weak consumption are worrisome amid higher prices of oil and raw materials” in the second half of the year.

Asia Times