Hyundai Motor Group Chairman Makes Annual New Year's Speech
Hyundai Motor Group Chairman Chung Mong-koo said during a New Year's speech to employees that stagnant domestic demand, a global economic slowdown, and volatile exchange rates pose a challenge, but Hyundai will brave through the difficulties to continue their growth. Hyundai's like most Korean firms leaders make New Year's speeches to announce company strategies for the upcoming years.
Hyundai Motor Co., South Korea's top automaker, forecast a near 14 percent rise in 2005 sales, underpinned by solid foreign demand and an expected pick-up for frail domestic sales.
Hyundai, which aims to become one of the world's top five carmakers together with affiliate Kia Motors Corp., is aiming for sales of 2.39 million units in 2005, up from 2004 sales of 2.1 million units.
Affiliate Kia Motors Corp. also put out a strong sales target for 2005 of 1.34 million units, up 23.8 percent from sales of 1.08 million units in 2004. "
Hyundai will step up innovation to improve quality to become a top global automaker, the Hyundai chairman announced. Hyundai, which controls half the domestic Korean market, expects exports to grow 15.3 percent to 1.78 million units this year. Kia said its exports are expected to rise to 1.03 million units from last year's 827,000 units.
Hyundai Motor and Kia are expanding production overseas to become one of the top five automakers in the world by the end of the decade. Hyundai's new plant in Montgomery, Alabama will begin operations in March and Kia is building a plant in Slovakia.
Hyundai and Kia forecast overall vehicle sales to the fast-growing Chinese market to more than double to 210,000 units.
They also wish to raise investment by 23.8 percent to upgrade global networks in the United States, Chinese and European markets, the statement said.
Hyundai Motor said it would increase investment in 2005 up 3.3 percent from last year, while Kia will raise investment.
Separately, Hyundai Motor reported that it sold 21 percent more vehicles last month because of a surge in exports to the U.S. and Europe and recovering sales at home.
Hyundai Motor sold 230,437 vehicles in December, the Ulsan-based carmaker said in a filing to the Korea Stock Exchange.
Kia Motors' sales also rose 37 percent last month from a year earlier.
Hyundai Motor Co., South Korea's top automaker, forecast a near 14 percent rise in 2005 sales, underpinned by solid foreign demand and an expected pick-up for frail domestic sales.
Hyundai, which aims to become one of the world's top five carmakers together with affiliate Kia Motors Corp., is aiming for sales of 2.39 million units in 2005, up from 2004 sales of 2.1 million units.
Affiliate Kia Motors Corp. also put out a strong sales target for 2005 of 1.34 million units, up 23.8 percent from sales of 1.08 million units in 2004. "
Hyundai will step up innovation to improve quality to become a top global automaker, the Hyundai chairman announced. Hyundai, which controls half the domestic Korean market, expects exports to grow 15.3 percent to 1.78 million units this year. Kia said its exports are expected to rise to 1.03 million units from last year's 827,000 units.
Hyundai Motor and Kia are expanding production overseas to become one of the top five automakers in the world by the end of the decade. Hyundai's new plant in Montgomery, Alabama will begin operations in March and Kia is building a plant in Slovakia.
Hyundai and Kia forecast overall vehicle sales to the fast-growing Chinese market to more than double to 210,000 units.
They also wish to raise investment by 23.8 percent to upgrade global networks in the United States, Chinese and European markets, the statement said.
Hyundai Motor said it would increase investment in 2005 up 3.3 percent from last year, while Kia will raise investment.
Separately, Hyundai Motor reported that it sold 21 percent more vehicles last month because of a surge in exports to the U.S. and Europe and recovering sales at home.
Hyundai Motor sold 230,437 vehicles in December, the Ulsan-based carmaker said in a filing to the Korea Stock Exchange.
Kia Motors' sales also rose 37 percent last month from a year earlier.
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