S. Korea's auto exports to U.S. suffers sharp contraction

SEOUL, Oct. 7 (Yonhap) -- South Korean automakers suffered a major setback in their exports to the United States, as the world's largest auto market grapples with the deepening credit crisis, data showed Tuesday.

Top automaker Hyundai Motor Co. and four other domestic companies sold a total of
33,704 vehicles in the U.S. in August, marking the lowest monthly figure since
July 2003, according to data from the Korea Automobile Manufacturers'
Association.
Hyundai, like its global competitors, faces cooling demand in the U.S. market as
American consumers are pinched by falling home prices and a reduced availability
of credit.
In September, Hyundai sold 24,765 vehicles in the U.S., down 25.4 percent from a
year earlier, marking the third straight monthly decline.
"Despite oil prices' retreat from record highs, sales in the U.S. market have no
signs of recovery," said an official at a local automaker.
In the first nine months of this year, Hyundai's sales in the U.S. fell six
percent from a year ago to 337,664 units. Despite the decline, Hyundai kept its
U.S. sales target of 515,000 units for this year.
Its affiliate Kia Motors Corp. saw sales in the U.S. plunge 27.8 percent to
17,383 vehicles last month.