Hyundai Motor Co cuts 2008 domestic sales target

SEOUL, Jul 7, 2008 (Asia In Focus via COMTEX) -- HYMOF | Quote | Chart | News | PowerRating -- The HYUNDAI MOTOR CO. (KSE:05380), South Korea's top automaker, cut its 2008 domestic sales target as higher fuel prices and weak consumption have discouraged people from buying new cars, according to company officials on Sunday. In its new forecast, Hyundai Motor expects to sell 630,000 vehicles in South Korea, the company's biggest and most lucrative market, compared with its previous target of 670,000 vehicles.

* Hyundai Motor vice chairman Kim Dong-jin said in a statement that for the second half of this year, an economic downturn and weak consumption were worrisome amid higher prices of oil and raw materials.

* In the first six months of this year, Hyundai Motor, which holds half of the domestic market, sold 318,756 vehicles, up 4.8 per cent from the same period of 2007.

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