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Hyundai drives out of Japan's car market
By Kwang-Tae Kim |
November 30, 2009, Monday
|
Print Edition
Print Edition
HYUNDAI Motor Co will pull out of the Japanese passenger vehicle market amid sluggish sales, and instead focus on commercial vehicle sales there.
Hyundai, South Korea's No. 1 auto maker, has found it tough going in Japan and sold only about 15,000 passenger cars there since 2001 when it made inroads into the home market of international rival Toyota Motor Corp, the world's biggest auto maker.
"Hyundai Motor has decided to suspend passenger vehicle sales in Japan and will instead allocate its resources to focus on commercial vehicle sales in the country," Hyundai said in a statement on Saturday.
If the market environment improves in Japan it could resume passenger car sales there, it said.
The timing of the pullout will be decided after consulting with dealerships in Japan, said Hyundai spokesman Ki Jin-ho.
Though Hyundai's sales remain sluggish in Japan, the firm said its global auto sales in the third quarter surged 41 percent to 824,181 vehicles from the year before, helped by increased demand for fuel efficient cars.
Hyundai, which along with affiliate Kia Motors Corp forms the world's fifth-largest automotive group, saw its global market share rise to 5.5 percent in the third quarter.
Both firms have expanded aggressively overseas. Hyundai has factories in China, India, Turkey, the United States and the Czech Republic. Kia has plants in China, Slovakia and the US.
Hyundai, South Korea's No. 1 auto maker, has found it tough going in Japan and sold only about 15,000 passenger cars there since 2001 when it made inroads into the home market of international rival Toyota Motor Corp, the world's biggest auto maker.
"Hyundai Motor has decided to suspend passenger vehicle sales in Japan and will instead allocate its resources to focus on commercial vehicle sales in the country," Hyundai said in a statement on Saturday.
If the market environment improves in Japan it could resume passenger car sales there, it said.
The timing of the pullout will be decided after consulting with dealerships in Japan, said Hyundai spokesman Ki Jin-ho.
Though Hyundai's sales remain sluggish in Japan, the firm said its global auto sales in the third quarter surged 41 percent to 824,181 vehicles from the year before, helped by increased demand for fuel efficient cars.
Hyundai, which along with affiliate Kia Motors Corp forms the world's fifth-largest automotive group, saw its global market share rise to 5.5 percent in the third quarter.
Both firms have expanded aggressively overseas. Hyundai has factories in China, India, Turkey, the United States and the Czech Republic. Kia has plants in China, Slovakia and the US.
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