South Korea’s Hyundai has given up on the U.S. truck market after they found it harder than expected to attract customers and dealers, according to the Financial Times.
According to the newspaper, the company sold just 98 medium-duty trucks this year, and its goal was 750. It only signed seven dealers.
Hyundai officials partly cite the poor economy in the U.S. for not being able to attract new dealers and customers.
The company had been in discussions with DaimlerChrysler about merging their truck businesses but they have broken down following a deal Daimler made with Hyundai's Chinese car partner, Beijing Automotive Industry. Chrysler said it already had a relationship with the Chinese company through its Chrysler division but the South Korean company was offended, the newspaper noted.