ID :
187707
Fri, 06/10/2011 - 12:45
Auther :
Shortlink :
https://oananews.org//node/187707
The shortlink copeid
Hyundai Motor sees sales of its key model slip in China last month
HONG KONG, June 10 (Yonhap) -- South Korea's No. 1 automaker Hyundai Motor Co. saw sales of its key model slip in China in May, an industry group said Friday, a result that can be attributed to sharper competition amid an overall decline in Chinese auto sales.
The China Association of Automobile Manufacturers (CAAM) said 14,700 units of Yuedong, the re-designed Chinese version of Hyundai's Elantra, were sold in China in May. It was a 25-percent drop from 19,500 units in the previous month.
The decline pushed Yuedong down to the seventh place among the most selling small car brands, after Shanghai Volkswagen Automotive Co.'s Lavida and Santana, Shanghai General Motor Co.'s Excel, BYD Co.'s F3, Yiqi Volkswagen Automobiles Co.'s Jetta and Chang'an Ford Automobile Co.'s Focus.
Last month, Yuedong was the third-most selling small car brand.
Foreign automakers have introduced various new sales and marketing activities in China, making competition to grab the Chinese customers' attention more intense.
China's automobile sales dropped for the second month in a row in May, due largely to slowing demand after Beijing stopped offering incentives and introduced new limits on car purchases earlier this year.
Vehicle sales in China shed 13.95 percent on-month to 1.19 million last month. It was a 29.74 percent increase compared to the same month last year.
Market watchers attributed the decline in May sales to the end of the tax breaks and incentives. The Chinese government ended tax breaks for purchases of small cars at the end of 2010 and reimposed a 10 percent tax at the beginning of this year.
The tax breaks, introduced in 2009 to buoy domestic demand amid the economic slowdown, had boosted China's auto market and helped it overtake the United States as the world's largest in 2009 and 2010.
The China Association of Automobile Manufacturers (CAAM) said 14,700 units of Yuedong, the re-designed Chinese version of Hyundai's Elantra, were sold in China in May. It was a 25-percent drop from 19,500 units in the previous month.
The decline pushed Yuedong down to the seventh place among the most selling small car brands, after Shanghai Volkswagen Automotive Co.'s Lavida and Santana, Shanghai General Motor Co.'s Excel, BYD Co.'s F3, Yiqi Volkswagen Automobiles Co.'s Jetta and Chang'an Ford Automobile Co.'s Focus.
Last month, Yuedong was the third-most selling small car brand.
Foreign automakers have introduced various new sales and marketing activities in China, making competition to grab the Chinese customers' attention more intense.
China's automobile sales dropped for the second month in a row in May, due largely to slowing demand after Beijing stopped offering incentives and introduced new limits on car purchases earlier this year.
Vehicle sales in China shed 13.95 percent on-month to 1.19 million last month. It was a 29.74 percent increase compared to the same month last year.
Market watchers attributed the decline in May sales to the end of the tax breaks and incentives. The Chinese government ended tax breaks for purchases of small cars at the end of 2010 and reimposed a 10 percent tax at the beginning of this year.
The tax breaks, introduced in 2009 to buoy domestic demand amid the economic slowdown, had boosted China's auto market and helped it overtake the United States as the world's largest in 2009 and 2010.
