Hyundai is targeting to increase its market share in Europe by nearly half by 2020 as it responds to improving demand in the region with new models and hiked production capacity. In a statement, Hyundai said it is targeting to increase its share of sales in the European Union and European Free Trade Association markets to 5 percent by end of the decade from 3.4 percent in 2013.
The South Korean carmaker plans to do this by launching 22 new models and derivatives over the next four years, including an all-new version of the i10 minicar that is produced at a site in Turkey where Hyundai ramped up production capacity last year to 500,000 vehicles annually. "Recovering economies will fuel consumer confidence, helping Hyundai to achieve its qualitative targets," Allan Rushforth, Hyundai’s chief operating officer, said in the statement.
Hyundai's sales in EU and EFTA markets dropped 3 percent in 2013 to 422,930 autos, worse than the overall 2 percent drop experienced by the market, industry data showed. Hyundai’s deliveries in Europe may not start to recover until 2015 as the carmaker will focus this year on enhancing its operations that have received over EUR500 million ($680 million) of investments in 2013. [source: automotive news - sub. required]