(MENAFN) Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. said that they are preparing for "cutthroat competition" in China this year as the world's second largest economy slows and foreign rivals expand their production capacity, QNA reported.
The Chinese market for passenger cars is expected to grow about 10 percent to 18.49 million units this year amid "cutthroat competition among rivals, hit by a range of negative economic factors, including a sluggish property market and debts of local governments," Hyundai Motor Group's Beijing unit said.
China's big cities have also limited purchases of new cars, while major foreign rivals are building more plants in China, to reduce their notorious air pollution.
Hyundai, Kia and their Chinese joint ventures sold a total of 1,843,354 vehicles in China last year, up 10.3 percent from the previous year, without giving this year's sales target in the world's largest auto market.
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