Hyundai Motor Co. reported a sharp plunge in its vehicle sales in Japan last month, highlighting a challenge the South Korean carmaker is facing in Asia's second-largest auto market, industry figures showed Thursday. Last month, Hyundai Motor sold only 22 cars in Japan, compared with 95 sold for the same month last year, according to the data by the Japan Automobile Importers Association.
In the first four months of this year, Hyundai Motor's sales in Japan nosedived 48 percent from a year earlier to 170 units, the data showed. The sharp decline in Japan sales came after Hyundai Motor has raised its prices in Japan by an average 3.9% since early April, due to higher costs of raw materials.
[Source: Trading Markets]
