Hyundai cut sales figures for 07

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It seems the Korean giant is going to hit its sales targets for 07:

HYUNDAI Motor Co, South Korea’s largest car maker, has cut vehicle prices by as much as 13 percent in China and curtailed its sales target after introducing new models.

Beijing Hyundai Motor Co, the company’s Chinese venture, cut prices for its Accent subcompact, Avante compact and Sonata sedans by seven percent to 13 percent from September 1, Seoul-based Hyundai Motor said yesterday.

Hyundai Motor slashed its annual sales target in the world’s second-biggest auto market by 16 percent to 260,000 units, reported Bloomberg News.

Hyundai Motor is joining General Motors Corp, Ford Motor Co and other car makers in China in cutting vehicle prices.

At least 30 new or revamped models were introduced in China in the first half, forcing the auto makers to cut prices and ease financing requirements to maintain sales.

Hyundai Motor’s sales in China dropped 18 percent to 128,587 in the first seven months of this year, compared with 157,135 a year earlier, according to the company’s Website. It had previously aimed to sell 310,000 units this year in China.

It is now the 10th-largest car maker in China, slipping from fifth place last year. Hyundai Motor is building a second US$1-billion factory in China to double its capacity to 600,000 vehicles per year by 2008 after opening its first Beijing plant in 2002.