vIndianz.com (04 Jan, 2010) — Hyundai Motor Group, South Korea’s top automaker, said on Monday it intended to elevate worldwide sales volume by 17% in 2010 on a global economic revival and latest models.
The group, which includes Hyundai Motor Co and KIA Motors Corp and is the world’s No.4 car maker based on first-half 2009 sales, is targeting collective sales of 5.4 million vehicles in 2010, compared with 4.63 million previous year.
Previous year, Hyundai Motor’s sales volume rose 10% to 3.10 million vehicles, whereas Kia’s grew 9.3% to 1.53 million, appreciation to a weaker won, government incentive packages and increasing consumer desire for smaller models.
On Thursday, a Kia spokesperson said it expected to augment worldwide sales volume by more than 26% this year.
The targets came in the midst of doubts that Hyundai and Kia sales might face pressure from a stronger won and failing government measures to encourage car demand.
The won is anticipated to increase over 10% against the dollar in 2010, a Reuter’s poll in late December showed.
The maker of the Elantra compact car, though, is probable to be helped by an economic revival and new models, analysts said, in addition to a brilliant viewpoint in budding markets such as China and India.
“Latest model effects are seen a lot stronger this year than previous year. They will bring more customers with high incomes to showrooms amid the economic recovery,” said Ahn Sang-jun, an auto analyst at Tong Yang Securities.
Reflecting the hopefulness, shares in Hyundai rose 8.5% in the fourth quarter of the previous year, outperforming a 0.6% increase in the wider market.
Hyundai plans to launch revamped Elantra and Accent models shortly this year.
Last November, a senior executive said Hyundai and Kia intended to grow at two times the market rate this year in China and a third plant was considered in the world’s top car market.
Further Reading- Maruti hits record sales
- Hyundai, VW top insurance industry safe car list – The Associated Press
- China December auto sales up but growth slows – The Associated Press
- Sales of newly built homes rise 5.5% in November from October – Los Angeles Times
- AUTOSHOW-Hyundai offers trade-in value guarantee – Reuters
- Sales growth draws more attention to Asian car companies – Houston Chronicle
- Samsung links up with Avatar maker
- Chrysler sales buck industry slump – CNN
- US Video Game Market Sales Fall In December – Wall Street Journal
- Ford’s sales up 13% in January as small car sales doubled – USA Today
Stay updated! Follow us on twitter and subscribe to our feed via Feedburner.
No Comments