Hyundai Automotive Group is targeting 106 trillion won in sales this year, up 14% from 2006, its chairman Chung Mong-koo said in a new year address to employees.

The group’s two carmakers, Hyundai Motor and Kia Motors, are aiming for sales of 42 trillion won and 22 trillion won, respectively, with the rest to come from subsidiaries, the Korea Herald reported.

“New investments for the global expansion of production bases and steel mill business are scheduled for this year,” Chung reportedly told employees, adding: “It is necessary to raise the level of brand value and emotional quality for proper appraisal of our cars, and to maintain stable profits.”

Hyundai-Kia plans to sell 4.28m assembled vehicles this year, up 13.6% from 3.76m units last year, the paper said adding that, though the group’s 2006 sales fell short of the 100 trillion won target, they rose 9.4% from 2005 to 93 trillion won.