FRANKFURT SHOW: Asia to rebound ahead of Europe - Hyundai
Hyundai Motor sees Asian markets recovering more quickly than Europe where its local chief does not see a significant resurgence until 2015.
"It won't be until 2015 when the market picks up significantly and we'll see 2007 levels in Europe again", Hyundai Motor Europe vice-president Allan Rushforth told Reuters at a Frankfurt show event.
Hyundai will increase its market share nonetheless as car tax rules have made customers increasingly concerned about topics like climate change, Rushforth said.
"Our market share will rise to 2.5% in Europe this year after reaching 1.8% in 2008," he said. It was 2.4% in the first eight months.
Hyundai is considering expanding its manufacturing sites in the Czech Republic and Slovakia, where each currently has annual capacity of 200,000 units.
Hyundai aims to sell half a million cars in Europe by 2013.
"We have the possibility to add 100,000 to our Czech plant," Rushforth told the news agency. European production had partly shielded Hyundai from the effects of the appreciation of the won.
Electric cars - Hyundai will start selling its full electric i 10 to fleets in the second half of 2010 - would play a major role in the company's expansion strategy, Rushforth said.
"We expect 5% of global sales to be electric cars in 2020."
Affiliate Kia introduced a petrol-electric Ceed hybrid and diesel-electric Sorento SUV at Frankfurt today.