In its drive (no pun intended) to be among the top 5 global carmaker, the Hyundai-Kia Motor Groups continues to set new goals...this Korea Herald article notes the plan...
Hyundai Motor Co. and Kia Motors Corp. plan to produce 922,000 and 145,000 vehicles, respectively, abroad in 2006.
The combined overseas production volume of the two carmakers under Hyundai Automotive Group is therefore expected to surge 43.6 percent to more than 1 million units.
The estimated volume is to cover 26 percent of their sales target for this year - 4.12 million units.
Hyundai Motor plans to triple its U.S. production volume to 275,000 units as its Alabama factory goes into full operation.
The annual production capacity of the automaker's Indian plant is expected to swell from 251,000 units last year to 280,000 units after its employees begin working in three shifts around mid-year.
Hyundai's Beijing factory is also scheduled to churn out 300,000 vehicles this year, up from 230,000 units, as it completed extending production lines last May.
Kia Motors plans to expand production capacity at its Chinese plant from 110,000 units last year to 145,000 units while its Slovakian factory will begin test operation in December rolling out 5,000 cars for that month.
Hyundai Automotive Group's overseas production is likely to rise to 1.35 million units next year after Kia's Slovakian plant begins full operation. The combined capacity is expected to surpass 2 million units around 2009 when Hyundai's second Chinese factory, Kia's U.S. plant and second Chinese plant are set up.
We plan to increase overseas production to react better to the changing global business environment including currency rates, said a Hyundai official.