Friday, April 21, 2006
Hyundai-Kia Motors Presses Forward
Hyundai-Kia Motors in Korea might be under investigation for issues including wealth transfer. But, their global ambitions stay on course. This article points out the Group's global plans.
Hyundai Motor, one of the world’s top 10 automakers, plans selling over 2 million cars in overseas markets this year for the first time in its history.
The carmaker has set an overseas sales goal of 2.05 million units, up 16.5 percent from the 1.76 million reported a year before.
It main targets include China, India, Western Europe and the United States.
The U.S. market is Hyundai’s main target for large sedans and sport utility vehicles while small- and mid-sized cars are mostly aimed at other regions.
Russia and Eastern European countries are also emerging as lucrative markets for the automaker.
Its sales goal for the U.S. this year is 532,000, followed by 354,000 in West Europe, 300,000 in China and 189,600 in India.
In the U.S. market Hyundai Motor and its affiliate Kia Motors last year set a new annual record by selling over 730,000 vehicles.
Last year's total of 730,863 vehicles was up 6.1 percent from the preceding year’s 688,670 units, the companies said. They ranked No. 7 in terms of annual sales in the world’s biggest car market for the second consecutive year.
Hyundai Motor sold 455,012 units in the U.S. last year, up 8.7 percent from a year earlier, with sales of Sonata sedans jumping almost 22 percent to 130,365 units. Kia Motors said its U.S. sales totaled 275,851 units in 2005, up 2.1 percent from a year earlier.
Now the carmaker is focusing on Russia and Eastern Europe. The market share of Hyundai in Russia reached 17.4 percent as of August 2005. Toyota captured 12.3 percent, Uzbek-Daewoo 10.5 percent, Mitsubishi 9.8 percent and Ford 8.7 percent.
Considering the growth potential in Russia, the automaker plans to supply cars suitable for the country's climate and geographical features.
Its market share in the Czech Republic rose from 3.6 percent in 2004 to 4.8 percent in 2005. In 2003 its market share was 3.3 percent.