Hyundai Motor Europe intends to increase by almost 40 percent its new-car sales in Europe to 500,000 by 2013 from 358,284 last year, company COO Allan Rushforth said in an interview with Automotive News Europe.
He disclosed that the company plans to obtain a 3 percent market share this 2011, up from 2.6 percent in 2010, 2.4 percent in 2009 and 1.8 percent in 2008.
For Hyundai’s overall market, it expects European sales to drop around 2.7 percent to 13.4 million units, which means that it will sell slightly higher than 400,000 vehicles, he added.
Rushforth further stated that the company's medium-term forecast it to sell half a million cars by 2013, and to achieve a 5 percent market share within 5 years. He also disclosed that the company's ultimate goal is to belong to the top five vehicle manufacturer in Europe.
However, Rushforth declined to make a comment as to when the company wants to join the top five. The company ranked at 14th last year in terms of European new-car sales.
Rushforth revealed that the company's current growth is attributed to its entry of new segments and to “organic growth” with new products. However, additional factors noted for the company to expand further are brand image, brand awareness, and eventually leveraging brand margins, he added.