South Korean carmaker Hyundai and its affiliate Kia have announced ambition sales targets for this year. They plan to sell 14% more vehicles, that would be over double the pace of last year’s growth. The world’s sixth largest motor manufacturer is focusing on the fastest growing economies – China and India. It is building factories in those countries and in the US where a one billion euro plant is under construction in Georgia.
Due to strikes Hyundai failed to meet its production targets last year. However it did sell 582,000 vehicles in South Korea and 1.92 million overseas. Kia’s figures were 270,000 sales at home and over 991,000 outside South Korea. Some analysts expressed surprise at the projections and pointed out that demand has been sluggish in South Korea. In addition the companies suffered from the South Korean currency’s 8.4% gain against the dollar.