The major Korean car makers Hyundai and Kia, both running under the Hyundai’s watch, have been on a constant rise this past couple of years. This significant growth which is mainly due to their efforts in increasing the products quality an value has bring them up as the fifth biggest auto maker in the world.
But that is just the start, as they set a higher goal for 2011, targeting a 10 percent rise in market share.
Hyundai and Kia are thinking of selling 6.33 million cars in 2011, up 10 percent from 5.75 million units sold in 2010 in which Hyundai sold 3.6 million and Kia 2.1 million vehicles. Hyundai’s ambitious plans are not that far away given the recovering US market and the ever growing Chinese market. Apart from that Hyundai has also gained a solid market in the Middle East where the brand is fairly new.
“Hyundai will post lower volume growth this year, but still outperform the market. Hyundai does not want to be another Toyota which was hit by quality issues following fast volume expansion,” said Lee Sang-hyun, an analyst at NH Investment & Securities.
“Although the South Korean currency remains a major factor, Hyundai’s earnings are expected to improve this year on the back of new models, which will help increase selling prices.”