Hyundai sees strong volumes in 2008 on higher production
Hyundai Motor forecast on Wednesday a double-digit increase in worldwide sales for 2008 on expanded overseas production and stronger marketing.
By Agencies |
SEOUL: Hyundai Motor forecast on Wednesday a double-digit increase in worldwide sales for 2008 on expanded overseas production and stronger marketing. Global sales volume this year will total 3.11 million vehicles, an increase of 19.6% from 2007, Hyundai said in a statement.
Sales will bring in 46 trillion won in 2008, the company said, for an increase of 12.2%. “We must maximise our sales and marketing efforts in order to get closer to our customers, to grow the brand and improve profitability,” Hyundai chairman Change Mong-koo told employees at a New Year’s address on Wednesday. Global sales grew 4.1% to 2.6 million vehicles in 2007, Hyundai said.
Hyundai, along with affiliate Kia Motors, is the world’s sixth-largest automaker and has ambitions to crack the top
five by 2010. The companies are expanding aggressively overseas. Hyundai already has plants in China, India, Turkey and the US and is building another in the Czech Republic.
A second factory in India, which started production last year, is expected to hit full capacity early in 2008, said Hyundai spokesman Jake Jang. Hyundai's second Chinese plant will start up in May, he said.
Kia, meanwhile, expects sales of 1.7 million vehicles in 2008, for a gain of around 24% over last year. The company has two factories in China, one in Slovakia and is building another in the US.
Sales will bring in 46 trillion won in 2008, the company said, for an increase of 12.2%. “We must maximise our sales and marketing efforts in order to get closer to our customers, to grow the brand and improve profitability,” Hyundai chairman Change Mong-koo told employees at a New Year’s address on Wednesday. Global sales grew 4.1% to 2.6 million vehicles in 2007, Hyundai said.
Hyundai, along with affiliate Kia Motors, is the world’s sixth-largest automaker and has ambitions to crack the top
five by 2010. The companies are expanding aggressively overseas. Hyundai already has plants in China, India, Turkey and the US and is building another in the Czech Republic.
A second factory in India, which started production last year, is expected to hit full capacity early in 2008, said Hyundai spokesman Jake Jang. Hyundai's second Chinese plant will start up in May, he said.
Kia, meanwhile, expects sales of 1.7 million vehicles in 2008, for a gain of around 24% over last year. The company has two factories in China, one in Slovakia and is building another in the US.
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