Hyundai reshuffles execs following sales slumps

In April, Hyundai showed a version of its revamped Tucson SUV at the Shanghai Auto Show.

In June, the company said it plans to sell 90,000 new Tucsons in the United States next year.

Hyundai will plans to introduce its new Creta SUV in India in the second half of this year.

To improve its sluggish business, Hyundai cut the prices of two of its SUVs by 11.8 percent early this year.

Kia slashed the prices of two of its new SUVs by 30 percent.

To further offset its sales losses, last month Kia Motors said it would offer more SUV models and boost incentive spending in China to try and revive flagging sales in its biggest market.

The carmaker plans to add two new SUV models to its lineup in China by 2017, doubling its offerings in the fast-growing vehicle segment, Chief Financial Officer Han Chun-soo said.

The Seoul-based company will also add new dealers to increase sales in western China, he said.

Last month, Hyundai and Kia's chairman, Chung Mong-koo, said Greece's potential exit from the euro, falling interest rates in the US and stagnant economic growth in China affected the global economy and business environment.

Emerging economies are also likely to suffer, with the yen and euro weakening even further, he said.

"Within the current market situation, we must focus on boosting our sales capabilities," said Chung. "Each company needs to operate cohesively to form an effective company wide sales support system that will prepare us for the future."

The Korea Automotive Research Institute, part of the group, cut its forecast on the global auto industry's growth rate for this year to 1.2 percent from the earlier 2.6 percent.

Bloomberg contributed to this story.

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