Beijing Hyundai cuts sales target by 50,000 this year

Shanghai. September 24 (Gasgoo.com) - Hyundai Motor has cut its sales target by 50,000 to 260,000 this year, an official from Beijing Hyundai said last week.

"We have decided to lower our sales target from 310,000 to 260,000 this year," Mr. Lu Zaiwan, General Manager of Beijing Hyundai, told Beijing News. He said the cut was resulted from more intensive competitions from rival car makers as well as a lack of new models from Hyundai.

"The new target is more realistic and we are confident in achieve that goal," Lu said.

In early September, Beijing Hyundai announced more price-cuts on its three models, cutting additional 14,000–15,000 yuan ($1,855–$1,988) from Elantra. The price of Accent is cut by 5,000– 8,100 yuan ($663–$1,073) and EF Sonata is slashed by 16,000 yuan ($2,120).

Hyundai has the first time revised its annual sales target and offered more price-cuts since it entered Chinese market in 2002. The company can't afford to lose Chinese market, Lu said.

Hyundai is building its second plant in China, which will be able to produce 200,000 vehicles annually.