Domestic car sales expected to drop this year: Hyundai executive

Park Sae-jin Reporter() | Posted : April 26, 2013, 10:03 | Updated : April 26, 2013, 10:03
Due to protracted economic downturn, domestic car sales will decrease 0.6 percent to 1.53 million units this year from last year, a top executive of Hyundai Motor, said on Jan. 31.

During a seminar at the headquarters of Hyundai Motor in Yangjae-dong, southern Seoul, Park Hong-jae, vice president of the automaker, said sluggishness in the domestic car sales will continue for the second consecutive year this year because of negative factors such as prolonged slump in the real estate market and household debts. Park concurrently serves as director of the Korea Automobile Research Institute.

Park forecast that the market share of imported cars in the country will increase from 8.5 percent last year to 9.1 percent this year due to the planned release of new models by foreign automakers and a reduction of tariffs.

He said the growth rate of the global auto market is also expected to slow down from 5.9 percent last year to 3.1 percent because of economic downturn in emerging economies as well as advanced countries.

By Ayaka Erin Tobari
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