November 24, 2024

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[THE INVESTOR] Hyundai Motor and its affiliate Kia Motors have recently set their combined sales target in China at 1.95 million for 2017, informed sources said on Dec. 29.

The carmakers are seeking to roll out various models including SUVs, according to the sources, who spoke on condition of anonymity.

The figure will mark a near 8 percent spike from their estimated sales this year. The two automakers form Hyundai Motor Group, the world’s fifth-largest automotive group by sales.

China’s overall auto sales have so far jumped 15.5 percent on-year so far, largely on a temporary reduction of excise taxes from 10 percent to 5 percent.

Earlier reports suggested the Chinese government may reduce the tax cut to 7.5 percent in 2017, slowing the growth in the country’s auto sales to 4.4 percent.

The South Korean automotive group’s sales target also follows a steady decline in its China sales.

In the first 11 months of the year, the two carmakers under its wing sold a little short of 1.6 million cars.

(theinvestor@heraldcorp.com)