January 14, 2019 13:23
Despite slowing business Hyundai's combined sales in China, the world's largest market, have surpassed 10 million vehicles 16 years after it first set up shop there.
Hyundai has been struggling in the Chinese market recently, with annual sales dropping to around 700,000 vehicles in the past two years, down from over 1 million in the previous years.
The outlook for this year is also grim as an economic slowdown there is expected to slash demand. The carmaker on Sunday said it sold 87,821 cars in China last December, bringing accumulated sales to 10.05 million since 2002. The Yuedong, as the Avante HD is called in China, was the bestselling car with 1.37 million.
Hyundai's sales reached the 1 million mark in 2008 and the 5 million mark in 2013. From 2013 to 2016, Hyundai sold over a million vehicles there every year.
But with an unofficial boycott of Korean goods in 2017 and fierce competition from Chinese rivals, Hyundai's sales in 2017 dropped by 31.3 percent to 785,000 cars, and last year brought only a 0.6-percent recovery.
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