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Hyundai, Kia raise sales goal to 8m vehicles
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HYUNDAI Motor and Kia Motors yesterday raised their target for 2014 global sales to at least 8 million vehicles, anticipating record-high China sales to offset slowing growth in the United States and Europe.
The South Korean firms, which together rank fifth in global vehicles sales, said in a statement that the new sales target would represent an almost 6 percent increase from last year.
Sales this year will also be boosted by India, Russia and Brazil, they added.
New launches and more local manufacturing will help Hyundai and Kia sell more cars in China, the world’s biggest auto market, this year, said Suh Sung-moon, an analyst at Korea Investment & Securities.
He said Hyundai was likely to miss its US sales target for this year as reception for its new Sonata sedan in its biggest market after China was surprisingly weak.
In Europe, Hyundai expects a sales recovery driven by its new i20 model, which will be launched this month.
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