Hyundai, Kia aim to hit combined sales of 7 million vehicles in 2012

Article by Christian A., on January 2, 2012

Hyundai Motor and Kia Motors are targeting a 6.1 percent increase in worldwide sales this year by investing in research and development and boosting quality. The companies aim to achieve combined sales of 7 million automobiles, Chung Mong Koo (chairman of the two automakers) said in a speech to employees in Seoul on Monday. 

Chung revealed that in 2011, Hyundai and affiliate Kia sold about 6.6 million units, exceeding their target of 6.3 million. The Seoul-based automakers have increased their worldwide sales as Japan-based competitors such as Toyota Motor Corp. were adversely affected by a strong yen and production stoppages after the major earthquake in March as well as massive flooding in Thailand. They also benefited from the rise in demand for models like the Forte compact of Kia and Sonata sedan of Hyundai.

According to analyst Park In Woo at LIG Investment & Securities Co., the growth target is conservative compared to the last two years. This year, Hyundai is taking control of areas like quality that may be overlooked after a rapid growth in order to avoid the recalls that damaged Toyota, Park stated.

In 2012, the automobile industry is expected to show "slow" growth as well as "intense" competition between companies, Chung said. He did not disclose separate target statistics for Kia and Hyundai. The automakers intend to spend 5.1 trillion won in research and development, an 11 percent increase from last year, according to a December 29 statement.

Based on a regulatory filing in South Korea on Monday, Hyundai sold 4.05 million units in 2010. The company also said that it increased offshore sales by 14 percent, selling around 610,000 units in India and 730,000 units in China. [source: Autonews]

Topics: hyundai, kia, sales

If you liked the article, share on:

Pin It

Comments

Recommended

Has Toyota started the production of a new electric supercharger? Well, a patent that was recently published indicated that they might have. And this electric supercharger looks more durable and...
by - March 27, 2017
The Tesla Model S has finally arrived in South Korean soil and is now available for test drive. But, there’s a catch. You’ll have to wait several months if you...
by - March 27, 2017
Sorry to say this to the Sport Quattro Concept fanatics. If you guys have been hoping for the production of this iconic concept to begin, prepare for your dreams to...
by - March 27, 2017
South Korean car company SsangYong recently revealed sketches of their upcoming SUV. We’re not always impressed by Korean car designs, but this one looks quite promising. Yup, it is the...
by - March 26, 2017
Twenty-eight years after the company was first launched by Toyota, which was initially targeted to the United States market only, Lexus has already made its way to over 70 countries....
by - March 26, 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