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Hyundai sets ambitious sales target for 2004

By Song Jung-a in Seoul
Published: January 3 2004 4:00 | Last Updated: January 3 2004 4:00

Hyundai Motor, South Korea's biggest automaker, yesterday unveiled an ambitious sales target for 2004 after reporting record sales last year on strong overseas demand for its high-end cars.

The automaker plans to sell 2.15m vehicles worth $25.89bn this year, up 13 per cent from last year's 1.9m units. Its affiliate Kia Motors also increased its sales target to 1.16m units worth Won16,670bn ($13.9bn) this year, up 27.3 per cent from last year's 912,000 units.

Hyundai is one of the world's fastest-growing carmakers, having made rapid inroads into the US and Europe in recent years.

The automaker, which together with Kia controls more than 70 per cent of South Korea's $16.7bn auto market, aims to join the ranks of the world's top five automakers by 2010.

"Despite difficult economic conditions, our group posted overall sales worth Won60,000bn last year by improving product quality and brand image," Chung Mong-koo, Hyundai Motor Group chairman, said in his new year speech. "Let's strive to become [a member of] the global top 5 by actively penetrating overseas markets and investing in advance."

Hyundai, once considered a maker of cheap and tiny cars, has transformed its image through aggressive marketing and increased research and development.

To upgrade production facilities Hyundai has increased its planned investment for 2004 by 35.5 per cent to Won3,170bn.

Exports have become increasingly important as the company's domestic market approaches saturation. The carmaker is targeting exports of 1.44m vehicles and domestic sales of 710,000 units for 2004.

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Hyundai Sets 26 Billion Dollar Target :


Total car sales in 2003 rose to 1,899,000 units, up from 1,852,000 a year earlier, a company spokesman said.
Exports, which account for 60 percent of Hyundai Motor's earnings, have compensated for weak domestic sales hit by a government crackdown on consumer debt and an uncertain economic outlook.
"Exports will remain a main earnings driver this year with an improving local economy lending support to local sales as well," Hyundai Motor spokesman Jake Jang said.
Hyundai, which controls 42 percent of the South Korean auto market, targets exports of 1.26 million vehicles and domestic sales of 639,000 units for 2004, the company said in a filing to the stock exchange.
Hyundai Motor Group Chairman Chung Mong-koo was quoted by a company spokesman earlier Friday as saying Hyundai Motor is aiming to sell 2.17 million vehicles this year. The figure included knock down kits for overseas assembly, Jang said.
 

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I love to hear all the postive sales projections from just about every auto maker on the planet; Christ, even Rolls, Bentley, and Lambo are getting in on it! I guess everyone presumes everyone else is going to roll over and play dead. Hyundai/Kia need to realize that ambitious goals do not always translate into actual sales. They face a resurgent Daewoo (a la GM) on their home turf, and someone (SAIC?) is itchin' to buy Ssanyong [sic]. And people wonder why there are literally *millions* of units of excess capacity around the world. I would love to see Hyundai/Kia crash and burn on this projection.
 

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Originally posted by tgagneguam@Jan 3 2004, 10:16 PM
I would love to see Hyundai/Kia crash and burn on this projection.
Mitsubishi sure did. They ended up giving cars away to kids who couldn't pay their loans just to meet their unrealistic goals.
 
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