Hyundai and Kia predict slowest sales growth in 2013 to 7.41 million units

Article by Anita Panait, on January 3, 2013

South Korean carmakers Hyundai Motor Co. and Kia Motors Corp. expect to post their slowest sales growth in seven years in 2013. Chung Mong Koo, chairman of both Hyundai and Kia, told employees that the carmakers expect to log a 4.1-percent growth in sales to 7.41 million vehicles in 2013. The forecast was lower than the 7.43 million average of three analysts surveyed by Bloomberg News.

Chung told employees to become more proactive to changes in the vehicle markets to meet business targets. Hyundai and Kia need to deal with a domestic currency that has appreciated more than other major Asian currencies in the past six months, thereby undercutting their capacities to compete globally against larger carmakers like General Motors and Toyota Motor Corp.

Chung attributed the carmakers’ perceived slower growth in 2013 to the current European crisis and the slowing global economy that affect the demand in both international and domestic markets. The carmakers’ expected 4.1-percent sales growth in 2013 is around half the increase their 8-percent increase in 2012. 

According to Chung, Hyundai and Kia managed to surpass their 2012 sales target of 7 million units, after selling an estimated 7.12 million vehicles in the year. Lee Sang Hyun, an analyst at NH Investment & Securities Co. in Seoul, remarked that Hyundai and Kia typically provide conservative targets for sales, noting that the South Korean carmakers will likely increase their market share in Europe while outperforming others in China.

Topics: hyundai, kia, sales

If you liked the article, share on:

Comments

Recommended

In 2014, Jaguar Land Rover’s Special Vehicle Operations revealed the F-Type Project 7. At that time, it was said to be the fastest accelerating road car carrying a 5.0-liter Supercharged...
by - May 29, 2017
There is an ongoing rumor going around the automotive community, and it’s aimed at BMW. The rumor? The German marque has reportedly axed the i5 Electric vehicle concept. These supposed...
by - May 29, 2017
Volkswagen's yearly Worthersee affair that happens in Austria is considered a hotbed for all types of cars from the German company's long and renowned history. Most of the gathering features...
by - May 29, 2017
Behold, the Rolls-Royce Sweptail! The Sweptail is probably the biggest two-seater car that has ever been built. It may look odd at first glance, and you may not be fond...
by - May 29, 2017
BMW just keeps on getting bigger and bigger, in terms of their lineup I mean. Just after unveiling the 8 Series Concept, they are now teasing us with an M8...
by - May 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries