Hyundai Motor is looking for an 8% increase to sales and a 22.5% increase in investment spending in 2003, according to a Reuters report.

A Hyundai spokesman told Reuters sales would rise to 27 trillion won ($US21.6 billion) next year from an estimated 25 trillion won in 2002.

The Reuters report describes the targets as part of a ‘draft’ plan. Under the draft, Hyundai Motor plans to allocate around two trillion won for its investment plans, including 1.35 trillion won for research and development (R&D). The remaining 650 billion won would be spent on expanding production lines according to the Reuters report.

Hyundai is on a roll this year and its share price has moved upwards, buoyed by increased profits derived from stronger sales at home and abroad. News of the company’s Chinese JV has further boosted sentiment in recent weeks.