Hyundai Motor to miss sales goal for first time since 2008

Hyundai Motor is poised to sell fewer vehicles than it projected for the first time since the global financial crisis, after an economic slowdown sapped demand in China and emerging-market earnings slumped due to unfavourable exchange rates.

South Korea’s largest car maker will have to sell at least 50% more than its monthly average this year in December to reach its full-year target of 5.05 million vehicles.

Such a feat is unlikely, according to five analysts surveyed by Bloomberg.

They also predict that Hyundai’s 2016 sales will be lower than target because of the absence of new best-selling models and continued weakness in Russia and Brazil.

Hyundai has benefited in recent years from the surge in demand for cars in China.

The increasing reliance turned into a drag after economic growth moderated and a summer stock-market rout dented consumer confidence.

Hyundai’s push into emerging markets has also met with a slump in the real and ruble this year.

“I don’t think anyone expected sales in China to plummet because we were all used to China being the white knight,” said Lee Sang Hyun, an analyst at IBK Securities.

“Although sales in China may improve in 2016, from how the market situation is expected to play out, things don’t look all that exciting.”