Hyundai Says Bigger Discounts Are Coming for Chinese Car Buyers
- Automaker plans to increase production of Tucson SUV in China
- Expects Brazil, Russia currencies to remain stronger
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Hyundai Motor Co. said the pressure to lower prices will intensify in China as domestic automakers flood the world’s largest car market with more vehicles.
Many local carmakers in China are ramping up production, leading to an increase in overall supply and forcing foreign companies to cut prices in order to compete, Chief Financial Officer Lee Won Hee said on a conference call on Tuesday. South Korea’s largest automaker posted its lowest annual profit in five years after deliveries in China slumped for the first time since 2007.