2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
Sixth place among the car manufacturers is the Koranic combo Hyundai and Kia too little. The group wants to increase sales in 2008 by a whopping 21 percent.
The South Korean auto company Hyundai-Kia wants to bring its sales close to the five million mark this year. After a total of around 3.96 million vehicles sold last year, South Korea's industry leader Hyundai Motor and its sister company Kia Motors are aiming for a 21 percent increase in sales to 4.8 million vehicles, as the companies announced in Seoul on Wednesday. The group, whose goal is to rise from sixth to the ranks of the five largest automakers, wants to achieve its sales target for 2008, among other things, by introducing a number of new models.
Investments pay off
This year is a particularly important year for the Hyundai-Kia Automotive Group in view of the completed expansion projects in China and India, said Hyundai. The construction of new car factories in the USA and the Czech Republic is also in full swing. In addition, Hyundai plans to start building its first production facility in Russia in the middle of the year. The production capacities of the two Korean automakers alone are to be expanded from 1.73 million to more than 3 million cars by 2011.
In the past year, however, Hyundai Motor, according to its own information, fell short of its sales target of 2.73 million vehicles with a worldwide increase of 4.1 percent to almost 2.6 million vehicles sold. This year sales are to be increased to 3.11 million vehicles. Exports climbed 3.1 percent year-on-year to just under 1.98 million cars. Domestic sales increased by 7.6 percent to just under 625,000 vehicles. For the full year 2008 Hyundai expects a turnover of 46 trillion won (about 33.4 billion euros), an increase of 12.2 percent compared to the previous year.
Five new models
South Korea's second largest automaker, Kia Motors, expects to be able to increase sales by 24 percent from 1.37 million to just under 1.7 million cars this year. Sales are expected to climb 21 percent to 23 trillion won. Together with Kia, Hyundai plans to bring at least five new models onto the market, including Hyundai's Genesis luxury sedan. (dpa)
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