Hyundai Motor Co. forecast sales of its revamped Sonata midsize sedans that missed analyst estimates, as South Korea’s largest automaker seeks to regain U.S. market share from Toyota Motor Corp. and Honda Motor Co.
When Hyundai Motor Co. last overhauled the Sonata in 2009, motorists embraced the curvier exterior and the South Korean company went on to gain more market share than any major automaker for the next half decade.
Hyundai Motor Co., South Korea’s largest automaker, named a new chief executive officer for its U.S. unit as it seeks to boost sales after combined deliveries with its affiliate trailed the U.S. market’s sales pace the last 14 months.
A prolonged U.S. government shutdown is damaging consumer confidence and may trim October new-vehicle sales by as much as 10 percent, said John Krafcik, chief executive officer of Hyundai Motor Co.’s U.S. sales unit.
Hyundai Motor Co., headed for its first annual decline in U.S. market share since 1998, plans to address production constraints and invest in trucks and crossovers, the automaker’s sales chief for the country said.
Subaru, the auto unit of Fuji Heavy Industries Ltd., added the most U.S. market share of any foreign carmaker last year as the brand long known for quirky all-wheel- drive vehicles continued to win more mass-market fans.
Hyundai Motor Co., after boosting U.S. sales of its cars and trucks 75 percent since 2008, expects its slowest annual growth in the market in five years as the South Korean company bumps up against limits in plant capacity.