Steve S. Yang, the chief executive officer of Hyundai Motor, is optimistic about the company’s sales in Europe by 2012. Specifically, Yang stated that the company could increase sales by 25 percent to 500,000 units next year.
The company’s European subsidiary has mentioned earlier that it aims to hit the goal in 2013 but the CEO predicts that it may reach the goal achieve the target earlier than planned if sales remain favorable.
A spokesperson confirmed the CEO’s statements made earlier during the launch of its i40 model in South Korea on Thursday, according to EconomicTimes.
Analysts had said that the company is looking for ways to gain market share and accelerate sales during the current debt crisis and economic slowdown in Europe, just like it did in the United States during the worldwide financial crisis.
In Europe, Hyundai unveiled the i40 model this month. It intends to launch a successor to the i30 compact, which is the company’s bestseller in Europe, at the Frankfurt Motor Show.
Another spokesperson for Hyundai Motor said that the C-segment model, which is the new i30, will rival the Astra of Opel. The spokesperson added that it will be assembled in the company’s Czech Republic factory just like the current vehicle model.
Hyundai intends to increase its total car sales in Europe by 10.5 percent this year, reaching 400,000 units. The company’s European sales increased to 208,225 units, or by 9.1 percent, during the first half of the year. This sales increase expanded the market share of the brand by three percentage points to 2.8 percent, according to data from industry association ACEA.