The Korea Herald reports that domestic carmakers have sharply increased their local sales targets for this year in a bid to offset sluggish exports. A surge in the value of the won against the dollar is expected to cause Korean vehicle exports to ease in the second half of the year.
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The newspaper reports that Hyundai Motor has recently raised its annual domestic vehicle sales target from 743,000 to 800,000 units.
The report says that Hyundai is planning an aggressive marketing campaign, including an extension of its warranties, in the increasingly competitive compact and mid-sized car segments.
Other carmakers are also said to be upping domestic sales targets.
The Korea Automobile Research Institute said in a report recently that domestic car sales would expand 11.7% to 1.63 million units this year, exceeding exports estimated at 1.58 million units for the first time in five years. Domestic sales increased 20% in the first half of the year due to the rebounding economy and a reduction in the excise tax on automobiles.
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