Hyundai cut its global sales demand forecast in 2012 to 77.1 million units

Article by Anita Panait, on July 27, 2012

Hyundai Motor Co. expects the global auto industry to sell a total of around 77.1 million units in 2012, cutting its previous forecast in April by around 500,000 vehicles. According to Lee Won Hee, Hyundai’s Chief Financial Officer, the industry-wide demand for vehicles in Europe will drop to 6.43 million vehicles in the second half of 2012, after car manufacturers sold around 7.65 million units in the first six months this year, amid the deteriorating economic situation in the continent.

Hyundai’s revised forecast comes as industry-wide sales in Europe fell 3.2 percent, according to data compiled by Bloomberg. Lee said that although the economic situation in Europe will worsen in the second half of 2012, the Korean carmaker will still able to achieve its global sales target.

Seoul-based Hyundai posted a 10-percent increase in net income for the first half of 2012 to KRW2.55 trillion ($2.2 billion), surpassing the KRW2.43 trillion net profit average of 26 analyst estimates compiled by Bloomberg.

The company logged a 9.2-percent increase in sales in the first half of 2012 to KRW21.94 trillion. The company’s strong first-half performance in Europe, where sales surged 18 percent, was mainly attributed to the solid sales posted by its Hyundai ix35 sports utility vehicle, also known as the Tucson outside of Europe.

Topics: hyundai, sales

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Retired Formula 1 driver Jenson Button has just received his brand new McLaren MSO 675LT Spider. This was confirmed after McLaren Beverly Hills posted a picture on its official Instagram...
by - January 24, 2017
Ford and Toyota have come together in the hopes of standardizing their vehicles’ smartphone integration system. The open-source platform is said to compete with Google Android Auto and Apple CarPlay...
by - January 24, 2017
The race to autonomous driving has been dictated by the need to make the road safer and reduce the incidents of vehicle crashes. Several major carmakers in the world have...
by - January 24, 2017
The Shooting Brake is probably the least rendered body shape in the automotive world. But it’s also the most sought after design among car nuts for its unique, old-fashioned charm....
by - January 23, 2017
Perhaps to make the upcoming Valentine’s day more special, Tinder dating app and Ford UK have cooked up a special blind date for all the single blokes and chicks in...
by - January 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries