Hyundai and Kia are confident that they can sell a record 8 million vehicles in 2014, despite a stronger won. Apparently, markets such as China and India will help the companies to achieve the impressive sales target. During the first 10 months of this year, Hyundai-Kia managed to sell 6.55 million vehicles and demand for SUVs such as Tucson and Santa Fe will help the South Korean manufacturer beat their 2014 sales target of 7.86 million vehicles.
As we said, the South Korean manufacturers are struggling with a stronger won and Japanese rivals like Toyota are benefiting from the yen trading at a near seven-year low.
According to Hyundai-Kia Chairman Chung Mong Koo, the market still doesn’t not look rosy but they are prepared to overcome the unfavorable market situation and show their automobile industry’s competence.
Regarding the won, it gained 1.8 percent in the 12-month period ended in September and this is its strongest performance against the dollar. Meanwhile, the yen weakened 10 percent during the same period. [source: bloomberg.com]