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Hyundai chief says 2009 will be critical
HYUNDAI, South Korea's biggest auto maker, expects global vehicle sales to fall at least 7.7 percent this year as a worldwide recession saps demand.
Sales may fall below 60 million from an expected total of about 65 million this year, Vice Chairman Choi Jae Kook told employees in Seoul. 'Next year will be a critical time for all auto makers as there could be a big industrywide shake-up' amid slowing sales and overcapacity, Choi said yesterday, according to company spokesman Ki Jin Ho.
Global industry capacity stands at about 90 million vehicles a year, Choi said. That is at least 50 percent more than Hyundai's sales forecast for this year, Bloomberg News said.
Hyundai and affiliate Kia have curbed production as auto sales in the United States dropped to their slowest pace in 26 years, while demand is also cooling in Europe, China and other emerging markets. Toyota and Honda have taken similar steps and also slashed earnings forecasts.
'Even Toyota is predicting an operating loss, which was unthinkable before,' Choi said. Toyota expects its first annual operating loss in 71 years, it said earlier last month.
Hyundai's export orders for January are poor so far, so the auto maker needs to focus on sales and marketing, Choi said. The car maker and Kia earlier last month forecast sales of 4.2 million vehicles for last year, missing a 4.8 million target.
Hyundai and Kia have a combined capacity of 5.3 million vehicles a year, according to company data. The auto makers are due to announce 2008 sales data tomorrow.
Sales may fall below 60 million from an expected total of about 65 million this year, Vice Chairman Choi Jae Kook told employees in Seoul. 'Next year will be a critical time for all auto makers as there could be a big industrywide shake-up' amid slowing sales and overcapacity, Choi said yesterday, according to company spokesman Ki Jin Ho.
Global industry capacity stands at about 90 million vehicles a year, Choi said. That is at least 50 percent more than Hyundai's sales forecast for this year, Bloomberg News said.
Hyundai and affiliate Kia have curbed production as auto sales in the United States dropped to their slowest pace in 26 years, while demand is also cooling in Europe, China and other emerging markets. Toyota and Honda have taken similar steps and also slashed earnings forecasts.
'Even Toyota is predicting an operating loss, which was unthinkable before,' Choi said. Toyota expects its first annual operating loss in 71 years, it said earlier last month.
Hyundai's export orders for January are poor so far, so the auto maker needs to focus on sales and marketing, Choi said. The car maker and Kia earlier last month forecast sales of 4.2 million vehicles for last year, missing a 4.8 million target.
Hyundai and Kia have a combined capacity of 5.3 million vehicles a year, according to company data. The auto makers are due to announce 2008 sales data tomorrow.