Hyundai Motor is to target China and other emerging markets in order to work through the economic downturn, a company executive has said.
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Speaking to press in Hong Kong, Yoon Mong-hyun, the company’s managing director in business strategy planning, was today quoted saying that the company will expand production of small, fuel-efficient cars for China and other emerging markets.
It is thought that small cars are expected to make up some 60% of global sales in 2009, up from 55% this year.
“We are going to expand sales in the emerging markets. By doing so, we will be able to minimise our exposure to the developed countries,” he was quoted saying by AFP today.
Earlier this month, Hyundai said it sold 269,958 vehicles in October, up 12% year on year. The growth was led by exports which reached 217,223 vehicles, up nearly 17%. Domestic sales, however, fell 4.5% to 52,735.
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