Hyundai Motors Aims to Sell 2.4 Millions Additional Vehicles in 2005
Hyundai Motor Co. announced it aims to sell 14.6 percent more cars or 2.4 million units in 2005.
The Korean carmaker plans to boost domestic sales by 10 percent and exports by 58 percent by increasing overseas production. Vice Chairman Kim Dong-jin made these announcements in Hyundai's annual shareholders' meeting.
In response to shareholders' concern over foreigners' selling spree of the carmaker's stocks which began in January, Kim acknowledged that the Korean currency's appreciation against the greenback does have some negative impacts.
"However," he said, "we will offset the currency risk coupled with high material costs, by expanding our global sales network and increasing production of Hyundai cars abroad."
Currently, one out of every four Hyundai cars is made overseas.
The automaker is scheduled this month to start operating a new U.S. plant capable of producing 300,000 cars per year. It seeks to double the annual production in China to 600,000 units after completing its second Beijing factory next year.
In 2007, Hyundai aims to make 450,000 cars annually in India, where its second Chennai plant is slated to break ground next month. The company also plans to increase production at its factory in Turkey to increase its European market share.
Hyundai Motor will also enhance quality management and technology development by investing 6.2 percent of sales, up from 5.9 percent in 2004, in research and development this year, Kim said.
The Korean carmaker plans to boost domestic sales by 10 percent and exports by 58 percent by increasing overseas production. Vice Chairman Kim Dong-jin made these announcements in Hyundai's annual shareholders' meeting.
In response to shareholders' concern over foreigners' selling spree of the carmaker's stocks which began in January, Kim acknowledged that the Korean currency's appreciation against the greenback does have some negative impacts.
"However," he said, "we will offset the currency risk coupled with high material costs, by expanding our global sales network and increasing production of Hyundai cars abroad."
Currently, one out of every four Hyundai cars is made overseas.
The automaker is scheduled this month to start operating a new U.S. plant capable of producing 300,000 cars per year. It seeks to double the annual production in China to 600,000 units after completing its second Beijing factory next year.
In 2007, Hyundai aims to make 450,000 cars annually in India, where its second Chennai plant is slated to break ground next month. The company also plans to increase production at its factory in Turkey to increase its European market share.
Hyundai Motor will also enhance quality management and technology development by investing 6.2 percent of sales, up from 5.9 percent in 2004, in research and development this year, Kim said.
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