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Seoul - Worldwide car sales are expected to rise 4% next year despite higher oil prices and global credit worries, a study by South Korea's Hyundai Motor showed on Tuesday.
Strong demand in developing nations such as China, India and Russia will fuel the expansion, the report said. Global automakers were predicted to sell a record 71.8m vehicles in 2008 compared with expected sales of 68.44m this year.
"While the growth of the global economy may slow due to credit unrest sparked by the US subprime crisis, global auto sales in 2008 are expected to breach the 70m unit mark for the first time," the automaker said.
Sales in China were predicted to rise to 10m next year from an expected 8.93m this year, the report said, and China would become the world's third-biggest auto market next year after the US and the European Union.
Cheap cars - led by a $2 500 vehicle from India's Tata Motors - would boost demand in developing nations, Hyundai said.
The automaker, in the report, forecast that the dollar would weaken further next year with the Korean won averaging 915 to the greenback.
The won's continued gain is posing serious problems for Hyundai and its affiliate Kia Motors. Together they are the world's sixth largest automaker.
A strong won makes vehicles expensive overseas and cuts dollar profits when they are converted into won.
Hyundai, in the report quoted by Yonhap news agency, said it expects South Korea's domestic vehicle sales to rise 6.3% next year to 1.36m units from expected sales of 1.2m this year.