hyundai motor to beat sales target
Last Updated : GMT 18:08:33
Arab Today, arab today
Arab Today, arab today

Hyundai Motor to beat sales target

Arab Today, arab today

Arab Today, arab today Hyundai Motor to beat sales target

Seoul - Arabstoday

Hyundai Motor expects to beat its 2011 global sales target as the European debt crisis and global economic uncertainty create an opportunity for the Korean automaker’s lower cost models to pick up market share. But Hyundai, which posted more than 10 per cent in annual sales growth for the past two years, expects to see growth softening next year due to capacity constraints, William Y.W. Lee, executive vice president and head of Hyundai Motor’s Overseas Sales Division, told Reuters in an interview on Thursday.Hyundai has “high expectations” it will post global sales of 4 million vehicles this year, versus its previous target of 3.9 million, Lee said. “Crisis can be an opportunity for Hyundai. The crisis can bring changes to the market dynamics as the consumer has a stronger desire for value,” said Lee. For much of the early part of its 44-year history, Hyundai Motor was seen as a maker of cheap, low-quality vehicles. Its first car, the Pony, was made with a design from Italy and borrowed engine, suspension and transmission technology from Japan’s Mitsubishi Motors. Hyundai’s earlier poor quality was a target of media ridicule. The BBC’s popular “Top Gear” show once suggested Hyundai’s Accent subcompact should be renamed the “Hyundai Accident” and said it was worse than a cheap lunch. But Hyundai has emerged as one of the biggest threats to global automakers in recent years, increasing sales and gaining market share during the global financial crisis. Hyundai and affiliate Kia Motors, together the world’s No.5 automaker by sales in 2010, have been catching up on the likes of Toyota Motors on quality over the past decade.Much of the credit for that has gone to chairman Chung Mong-koo, an iron-fist leader who has focused on raising standards and built a disciplined, military-like culture at the company. Models such as the Elantra and Sonata, whose features and styling have won over cost-conscious buyers, have taken market share from the likes of Toyota’s Camry and Honda Motor’s Civic in the key US market, while growth in emerging markets such as India and China has also been strong. But Hyundai’s sales growth is seen easing this year because of its stretched capacity. Lee reiterated Hyundai had no plans to expand production facilities. “Indeed, crisis is an opportunity for Hyundai and will do more good for them than harm, as people will stay with more affordable brands rather than switching to luxury cars,” said Jung Kyun-sik, a fund manager at Eugene Asset Management. Jung argued Hyundai should focus on building margins and avoid costly battles for volume and market share, but not everyone agrees. “Qualitative growth has its limits, and Hyundai should restart its growth engines again,” said Park In-woo, an analyst at LIG Investment & Securities. Lee said he hoped to accelerate Europe sales next year by 20 per cent to 480,000 vehicles, including 110,000 of its new i30 compact model, though he added that the targets were not final.The company plans to unveil a successor to the i30 compact, its best-selling model in Europe, at the upcoming Frankfurt Motor Show. Hyundai has rolled out the i40 model, which is tailored to the European market, in September. The South Korean car maker is on track to boost its total vehicle sales in Europe by about 10 per cent to 400,000 units this year despite the market’s expected dip, after outperforming with a 7.4 per cent rise in sales last year, Lee said.Hyundai plans to reach full capacity at its Czech plant of 300,000 cars per year in the autumn, which produced 200,135 vehicles in 2010.  Hyundai’s market share in Europe was only 2.6 per cent last year, compared with its 4.6 per cent share in the United States, 6.3 per cent share in China and 19.7 per cent share in India.“We have been weak in the European fleet market, which accounts for around half of the market. We will expand our fleet sales, which will play a big role in helping us achieve a 5 per cent market share in Europe for the long term,” he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hyundai motor to beat sales target hyundai motor to beat sales target

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hyundai motor to beat sales target hyundai motor to beat sales target

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday