Hyundai Motor, which owns the Hyundai and Kia brands, has had the hot hand in the global auto market. But the company said its prospects will cool considerably in 2013.
Source: courtesy of Kia Media
This outlook could be a sign that the global economy is weak. It could be a sign also that the firm’s models have lost their appeal. It could show as well that the resurgence of Honda Motor Co. Ltd. (NYSE: HMC) and Toyota Motor Corp. (NYSE: TM), each of which had prospects damaged by the Japan earthquake, has hurt the South Korean manufacturer.
Business Recorder reports:
South Korea’s top automaker, Hyundai Motor Group, forecast Wednesday a modest 4.1 percent increase in car sales this year to 7.4 million units, with a strong won harming competitiveness.
The projected growth is the lowest since 2007 when the company’s global sales rose 3.9 percent, according to data compiled by AFP.
Douglas A. McIntyre
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