SUPERIOR TOWNSHIP, Mich., July 12 Hyundai Motor
Co's U.S. sales will grow 4.4 percent this year to
734,000 vehicles, North American Chief Executive John Krafcik
said on Friday.
In reaffirming a target set in February, Krafcik
acknowledged the company's U.S. market share was down as the
South Korean automaker holds down vehicle production capacity
globally to ensure quality remains high.
While industry-wide U.S. auto sales rose 9 percent in June
and the annual pace in the month raced to its strongest level
since November 2007, Hyundai's sales rose only 1.9 percent.
Hyundai's U.S. sales this year are still on track to hit
734,000 cars and sport utility vehicles, and its market share is
heading for 4.7 percent, Krafcik told reporters at the company's
technical center outside Detroit. That would compare with sales
in 2012 of 703,007 vehicles and a market share of 4.9 percent.
Hyundai was the fastest-growing automaker during the recent
recession, but its sales increases have cooled due to the lack
of availability of new cars. Its 2012 U.S. sales rose 8.9
Krafcik said the company's U.S. inventory of vehicles was
the second-lowest in the industry among non-premium brands at 44
days. That has allowed the company to avoid generous incentives
for consumers; the average incentive per vehicle at $1,237 is
second-lowest among mainstream brands.
The executive said it does not make sense for Hyundai to put
more money into incentives in the U.S. market at this point.
Hyundai previously added a third shift at its assembly plant
in Montgomery, Alabama, potentially adding 60,000 vehicles of
production over a full year.