Puttering Hyundai struggles to rev up market share
Seoul — Hyundai Motor, South Korea’s biggest car maker, forecast a slowdown in sales in 2018 as political risks dent demand for its vehicles in the world’s largest markets. Hyundai Motor and affiliate Kia Motors said on Tuesday their combined sales in 2017 dropped 7% to 7.25-million units, the least in five years and a million short of its record target. Citing stalling global economic growth, rising protectionism and dangers posed by geopolitics as threats, the companies set a goal to sell 7.55-million vehicles in 2018. With Ford Motor on its heels, Hyundai Motor group is fighting to maintain its rank as the world’s fifth-biggest car maker after underperforming rivals in the US, where a booming demand for sport utility vehicles (SUV) exposed the Korean maker’s dearth of models. Hyundai is also preparing to catch up with makers such as Volkswagen and Nissan Motor in the field of technology as the industry spends billions on autonomous and electric vehicles. Shares of Hyundai Motor f...
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