South Korea's top automaker Hyundai Motor on Sunday lowered its domestic sales target for 2008 due to weakening demand amid rising prices of oil and raw materials, company officials said.
Hyundai said in a revised forecast that it expects to sell about 630,000 vehicles at home this year, down 5.9 percent from its original target of 670,000.
Last year, it sold 625,275 units in South Korea.
Hyundai Motor Vice Chairman Kim Dong-Jin said in a statement that "an economic downturn and weak consumption are worrisome amid higher prices of oil and raw materials" in the second half of the year.
Kim also said he expected tough competition at home, with foreign carmakers launching aggressive marketing strategies.
During the first half of 2008, Hyundai's domestic sales saw a 4.8 percent increase year-on-year to 318,756 units.
Its combined sales at home and abroad during the first half of this year jumped 14 percent year-on-year to 1.48 million units. Its global sales target for this year is 3.11 million units, up 19.6 percent from last year.
Meanwhile, Kia Motors, South Korea's second largest carmaker and sister company of Hyundai, raised its domestic sales target for this year to 364,000 units from its earlier 327,000.
Hyundai and Kia together control 70 percent of South Korea's car market.