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16/06/2012 15:14:00

CORRECT (6/15): Hyundai Motor India Executive: Industry Passenger Car Sales To Grow Less Than 6%-7% This Year

("Hyundai Motor India Executive: Unlikely to Achieve 6%-7% Sales Growth Target This Year," at 0726 GMT, misstated industry outlook as the company's projection in the flashes, headline, first and second paragraphs. The error derives from the source. The correct version follows:)

By Anirban Chowdhury

MUMBAI--The Indian unit of Hyundai Motor Co. (005380.SE) said Friday the local automotive industry may miss the targeted 6%-7% passenger sales growth in the current financial year through March 2013 because of higher gasoline prices and loan rates affecting demand.

"In the beginning of the year, we had spoken about a 6%-7% growth in sales [for the industry]. That may be difficult to achieve now," Arvind Saxena, director in-charge of marketing and sales at Hyundai Motor India Ltd., told reporters on the sidelines of a conference.

He said more customers are preferring to buy diesel cars as the fuel is cheaper than gasoline. Diesel is now 43% cheaper than gasoline in New Delhi.

Write to Anirban Chowdhury at santanu.choudhury@dowjones.com

(END) Dow Jones Newswires

June 16, 2012 09:14 ET (13:14 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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