Hyundai Motor Group, including Hyundai Motor and Kia Motors, has set a global sales target of 8.2m vehicles for this year, after sales exceeded 8m units for the first time last year.
Hyundai Motor expects to sell 5.05m vehicles in 2015 – 690,000 units in its home market and 4.36m overseas. Kia is targeting 3.15m sales including 480,000 domestic units and 2.67m overseas, some of which are assembled abroad.
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In his New Year speech, group chairman Chung Mong-koo said he expected annual sales to reach 9m units before too long even though global competition is rising while global political and economic uncertainty has increased in the short term.
China will be at the centre of the group’s global expansion drive in the coming years while the weak yen also will give Japanese automakers a competitive advantage.
Meanwhile, the Korea Automotive Research Institute expects global vehicle sales to rise by 3.9% to 87.1m units in 2015 after increasing by 3.5% in 2014. The institute expects global growth to be driven by China where it expects passenger vehicle sales to expand by 8.6% to 20.78m units while sales in the US are forecast to grow by 2% to 16.83m units.
Hyundai announces next wave of new models
