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Hyundai Motor Co, South Korea’s top automaker, said on Wednesday it had scrapped a plan to launch a low-cost sedan in China as the model would not be profitable amid rising raw material prices.
Hyundai, which together with affiliate Kia Motors Corp is the world’s No.5 automaker, plans to introduce a new compact sedan to the China market instead of the initially planned $5,000 to $6,000 economy sedan, a company spokesman said.
The company had planned to sell the low-cost sedan in China from 2010 to compete with sub entry-level cars from global and local makers in the world’s No.2 auto market.
