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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Hyundai suspends passenger vehicle sales in Japan By KWANGTAE KIM,Associated Press Writer - Saturday, November 28 Send IM Story Print SEOUL, South Korea – Hyundai Motor Co. said Saturday it will pull out of the Japanese passenger vehicle market amid sluggish sales, and instead focus on commercial vehicle sales there. Hyundai, South Korea's No. 1 automaker, has found it tough going in Japan and sold only about 15,000 passenger cars there since 2001 when it made inroads into the home market of international rival Toyota Motor Corp., the world's biggest automaker. "Hyundai Motor has decided to suspend passenger vehicle sales in Japan and will instead allocate its resources to focus on commercial vehicle sales in the country," Hyundai said in a statement. If the market environment improves in Japan it could resume passenger car sales there, it said. The timing of the pull out will be decided after consulting with dealerships in Japan, said Hyundai spokesman Ki Jin-ho. Though Hyundai's sales remain sluggish in Japan, Hyundai said its global auto sales in the third quarter surged 41 percent to 824,181 vehicles compared to the year before, helped by increased demand for fuel efficient cars. Hyundai, which along with affiliate Kia Motors Corp. forms the world's fifth-largest automotive group, saw its worldwide market share increase to 5.5 percent in the third quarter through an emphasis on quality and design. Both companies have expanded aggressively overseas. Hyundai has factories in China, India, Turkey, the U.S. and the Czech Republic. Kia has plants in China and Slovakia and has completed one in the U.S. with production scheduled to begin soon. Hyundai's move is in clear contrast to Toyota, which is making a push into South Korea. Toyota has been active in South Korea since 2000 when it established a local arm and began selling the luxury Lexus brand the following year. Now the company is offering a broader range of choices to South Korean drivers under the Toyota brand, and aims to sell 500 of those vehicles a month this year and 700 a month in 2010 through five dealerships. Under the Lexus brand, Toyota sold 6,065 vehicles in South Korea last year, which accounted for nearly 10 percent of the total import market. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 56 minutes ago Hotel owners, like home owners, behind on payments AP - 1 hour 1 minute ago Apple's iPhone arrives in tech-savvy South Korea AP - 1 hour 3 minutes ago GPS cell phone apps challenge standalone devices AP - 1 hour 7 minutes ago Swiss private bank UBP considering acquisitions Reuters - 2 hours 19 minutes ago News Search Top Stories US Fed chief 'concerned' by regulatory proposals Wall Street braces for Dubai debt fallout, jobs data Gatecrashers met Obama, Secret Service 'embarrassed' Space shuttle Atlantis lands back on Earth Victory for Putin as France signs gas pipeline deal More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Investors dump stocks over Dubai scare Gatecrashers met Obama, Secret Service 'embarrassed' Wall Street braces for Dubai debt fallout, jobs data Dubai debt move 'carefully planned': top official Dubai debt fears hit world stock markets More Most Viewed » Alcohol helps cut heart disease risk for men: study Mankind using Earth's resources at alarming rate More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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