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March 29, 2010

SOUTH KOREA: Hyundai Motor aims to make 1.7m vehicles this year

Hyundai Motor has said that it aims to produce 1.71m vehicles domestically this year, the largest ever annual production figure for the group.

Hyundai Motor has said that it aims to produce 1.71m vehicles domestically this year, the largest ever annual production figure for the group.

The plan is 6 percent higher than 1.61 million units rolled out last year from Hyundai’s three production plants in Ulsan, Asan and Jeonju, according to the company.

The company said it plans to achieve the goal by unveiling new models, enhancing efficiency through facility improvement and pursuing better labour-management relations.

Earlier his year the firm said it believes it can boost sales of its Hyundai and Kia brands by 17% globally in 2010 to 5.4m units from 4.63m in 2009.

Last year, Hyundai’s sales volume rose 10% to 3.1m vehicles, while Kia’s grew 9.3% to 1.53m.

Analysts noted that their ambitions could be thwarted by a stronger won – expected to rise 10% against the dollar in 2010 – and the ending of government-backed scrappage schemes.

Hyundai and Kia based their forecast on new models due this year, economic recovery and above-average growth in countries like India and China where Hyundai and Kia aim to grow at twice the market rate this year in China and are planning to build a third car plant.

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