Kh Motors [News]


16-12-27 21:57


The international car market as a whole will see 1 percent growth, the lowest since the
global financial meltdown in 2008, the automaker anticipated.
Hyundai Motor Group is looking at demand in China, the world’s largest auto market,
which showed 15.5 percent growth this year.
Chinese’s market was helped by a lowering of the sales tax from 10 percent to 5 percent. However, the tax will temporarily jump next year to 7.5 percent for small-engine car
purchases, which may negatively impact demand and limit growth in the market to
4.4 percent.
Diverse scenarios for a possible renegotiation of the North American Free Trade Accord by the Donald Trump administration in the U.S. were another topic.
The domestic auto market was expected to record negative growth for the second
consecutive year. The market will shrink 3.5 percent next year, following 0.7 percent
negative growth this year.
Hyundai Motor Group is looking to emerging markets such as India, which is expected to grow by 6.2 percent, and the ASEAN region, which will see 7.6 percent growth next year.
Hyundai Motor Group will release the Creta model in Russia and India next year. They will release Hyundai’s ix25 (the local name for the Creta) and Kia’s KX3, both of which are
SUV models, in the Chinese market next year.