Hyundai Motor has launched its midsized Mighty truck in Brazil, using its established importer and assembler to tap into South America’s largest commercial vehicle market.
The are shipped as complete knockdown kits and assembled at CAOA Group’s facility in Anapolis in the state of Goias, the company told the Korea Herald. CAOA Group is also responsible for sales of Hyundai vehicles in Brazil.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company has set the Mighty’s sales target for this year at 4,000 units, and hopes to raise it to 5,000 in 2012, and to 10,000 in 2015.
Along with launching the vehicle in Brazil, Hyundai signed Ecuador’s Eljuri Group to assemble Mighty trucks from July. The deal with the Ecuadorian company will also allow it to enter Venezuela.
According to the carmaker, Venezuela does not allow imports of complete vehicles, but up to 10,000 automobiles produced in Ecuador are exempt from the rule.
The company is hoping that the latest deals will fuel its expansion in the Latin American commercial vehicle market.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company sold about 4,000 commercial vehicles in Latin America in 2009 and volume rose to 7,000 units last year.
This year, the company is hoping to increase the number to 14,000, and again to greater than 20,000 in 2015, which would give it over 5% share of the region’s commercial vehicle market.
Hyundai ambitious as own plant cornerstone laid
