Business Market Intelligent

Global Business Market , Trends, Data Analysis and Insights


Section: Automobiles

The South Korean Hyundai group planning to raise up their sales in Europe aggressively this year even looking at the forecast of avalanche in global market. They are trying to take the advantage of the sluggish market and make profit from market share.

The 5th largest auto sales company joint venture with Kia motors expecting their sales will be grow 50% from the previous year after noticing the global economy uncertainty. This growth is essential to get better place in the market competition. The company published smaller than expected  in net profit.

The company published that their sale raise up to 15.4 % which is around 465,000 vehicles sold out in this year.  The European market is targeting i30 and i40 version which take them to a new level of expectation in the market. Getting response from the market Hyundai decided to launch a new version of i30 model which become the top selling market in Europe in January.

Hyundai’s chief financial officer MR. Lee Won-Hee said in a earning conference call that price intensify competition was temporary competition in European market but main challenge was the build the car differently. He said that the company believed that the economic disturbance offer them to expand their product to European market as an opportunity to expand their market shares.

Hyundai continued their outstanding performance last year in European market. Joint venture with Kia motors their sales rising at 11.3 %. Hyundai and their associate Kia motorshold 5.3 % of European market where Toyota motors shows 4 % of hold and Nissan motors hold about 3 %. Lee said that they are also targeting the U.S market and they aimed to raise about 4.5 % which is 675,000 vehicles this year and going to launch Santa Fe SUVs.

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