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Hyundai has strong ambitions for 2008
By Yoann Besnard on 7 January 2008 | 
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Hyundai CEO, Chung Mong-koo has announced in a speech to mark the new year that the car maker wants to increase its global sales by 20% for this year. The Korean company expects to sell 4.8 million vehicles compared with 3.96 million over the same period last year.
Hyundai expects to sell 3.11 million vehicles this year while its subsidiary Kia Motors will target 1.69 million vehicles.This is not the first time Hyundai announces an ambitious target. Last year, the company planned to sell 2.735 million vehicles but only achieved to sell 2.6 million units. How does Hyundai plan to sell 830,000 more vehicles? The company expects a strong growth on its national market and expects new models to boost demand in the US and in China.
On the American market, Hyundai will soon sell the eagerly-awaited Genesis saloon which will mark the company's serious attempt to take on Lexus in the luxury segment. Some observers believe that the subprime crisis will prevent Hyundai to succeed on the luxury market as demand will decrease and competition increase. But automobile history might repeat itself. Indeed, Lexus arrived on the American market during a recession but its low price and the Toyota's brand image convinced people to buy the LS saloon at a time when driving a German car was too arrogant. Hyundai might benefit from the same situation as US is heading for a recession. Kia will also unveil its new Mohave SUV destined for the American market. The new SUV will be powered by V6 and V8 engines. Its lack of green credentials might become a disadvantage but its expected low price tag will likely convince consumers to make the jump.
On the other hand, China will be a tougher challenge as competition from domestic car makers increase and Toyota's success is another threat for the Korean car maker. But Hyundai is confident and has recently opened its second factory in China.
Source photo: Korea Times
Comments
Posted by: Actualite | Jan 9, 2008 10:06:33 PM
merci à toi pur les img ;)
