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Hyundai raises its 2009 China sales growth forecast

(Agencies)
Updated: 2009-04-20 20:06

Hyundai Motor Co, South Korea's top automaker, has raised its sales growth forecast for China this year to 36 percent from 22 percent as economic stimulus measures spur demand in the world's largest auto market, an executive said on Monday.

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Hyundai's 2009 unit sales forecast in China was raised to 400,000 units from 360,000, compared with the previous year's 294,508.

The target does not include imported cars, a company spokesman said, adding that the South Korean automaker expects to import 30,000 cars into China this year, up from 25,000 in 2008.

"Judging from the data so far, China's economic stimulus policies seem to be working, at least for the auto industry," Beijing Hyundai Motor Co President Noh Jae Man told a group of reporters on the sidelines of the Shanghai Auto Show.

Beijing Hyundai is a 50-50 joint venture with Beijing Automotive Industry Holdings, a partner of Daimler AG and parent of Beiqi Foton Motor Co.

Noh added that he expected the overall Chinese car market to grow 10 percent this year.