Hyundai reduces global sales predictions due to struggling European, Chinese economies
Hyundai has lowered its 2012 global forecast for the global auto industry by 500,000 units due to faltering European economy and tightening registration restrictions in China, Automotive News has reported.
The South Korean automaker had predicted that 77.6 million new vehicles would be sold worldwide in 2012, but it has lowered that figure to 77.1 million after revising expected European sales figures. Industry-wide, sales in Europe are down 3.2 percent. Hyundai expects sales for the second of the year to be more than one million vehicles less than the first half of the year, which saw 7.65 million units sold.
Additionally, Hyundai officials said that sales in China have dropped slightly, in part because some Chinese cities have begun limiting new vehicle registrations to avoid congestion.
The drop in expectations for all automakers is arguably a minor blip on Hyundai's radar, whose operating profit was up 18 percent for the second quarter.