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.

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    • 1 Second Ago
      Alex Hutchins
      • 2 Years Ago
      If China improved their transportation infrastructure, then some urban Chinese will not need to buy cars as it would seem impractical. I wish the same thing could be done for U.S. cities....L.A. anyone?
        • 2 Years Ago
        @Alex Hutchins
        There are a number of transporation systems in China that are far better than almost anywhere in the world yet there's still huge amounts of congestion because they love buying cars for status.
      • 2 Years Ago
      pretty ambitious of Hyundai to predict a 1200% increase in sales from 6.5million to 77.6 to bring id down just a 77.1 million. They must have discovered an untapped market.
        • 2 Years Ago
        Read the post again. It may not be worded very well (it is Autoblog after all) but the numbers make sense.