Hyundai Motor may miss U.S. sales target

SEOUL, Oct. 2 (Yonhap) -- Hyundai Motor Co. suffered a sharp decline in its vehicle sales in the United States last month, the company said Thursday, making it appear increasingly likely that it will miss this year's sales target in the world's largest auto market amid deepening financial woes.

Hyundai, South Korea's top auto maker, sold 24,765 vehicles in September in the
U.S., down 25.4 percent from a year earlier, marking the third straight monthly
decline.
In the first nine months of this year, Hyundai's sales in the U.S. sunk six
percent from a year ago to 337,664 units. Despite the trend, Hyundai reiterated
its U.S. sales target of 515,000 units this year.
"As consumers tighten their spending due to the uncertain economic times we are
experiencing, we are certainly feeling the pinch," said Dave Zuchowski, vice
president of sales at Hyundai's U.S. subsidiary, in a statement.
The Hyundai executive said the September sales figures were "disappointing."
The U.S. is Hyundai's largest overseas market.
Hyundai, like other global peers, is facing cooling demand in the U.S. market as
American consumers are stressed by falling home prices and a reduced availability
of credit.
In Seoul, shares of Hyundai fell 0.27 percent to 73,400 won (US$61.8) in early
morning trading on Thursday.