Hyundai Kia Automotive Group has seen strong growth in sales of its mid- and large-sized commercial vehicles in Russia this year as the country’s economic growth and infrastructure spending boom boosted demand for trucks and buses.
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Hyundai, the top foreign car brand in Russia, sold 1,955 mid- and large-sized commercial vehicles in the January-February period, up 136% from 826 units from a year ago, the Korea Herald reported.
The paper said the automaker company aims to more than double its sales of mid- and large-sized commercial vehicles to 16,600 this year – 7,200 trucks and 9,400 busses – from 2007.
The mid- and large-sized commercial vehicles market is growing fast in Russia, with 306,000 units expected to be sold in the market in 2008, up from 277,000 in 2007 and 190,000 in 2006.
The Korean firm launched its mid- and large-sized commercial vehicles in the country in 2000 by shipping completed vehicles, the Korea Herald said. Since last year, it has had its Russian partner, TAGAZ, assemble buses and trucks.
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By GlobalData“The Russian (economy) is booming with a constant increase of oil prices and an inflow of oil money. The market is also a bridgehead for the Commonwealth of Independent States,” a Hyundai official told the paper.
