Plex
Zorce Jedi Master
Joined: 01 May 2005
Posts: 9039
Location: T&T
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 Posted: Wed Jan 02, 2008 9:30 pm Post subject: Hyundai predicts sales growth in 08 despite weakening market |
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Despite the expected downturn in the auto industry in 2008, Hyundai predicts a double digit increase in sales this year. Hyundai believes it can achieve the increase in sales � despite a gloomy 2008 forecast � by expanding overseas production and through better marketing.
According to Hyundai, the automaker is planning to sell 3.11 million vehicles globally in 2008, a 19.6% increase over 2007. If Hyundai achieves its goal in 2008, it will generate $49 billion in revenue � 12.2% more than this year.
"We must maximize our sales and marketing efforts in order to get closer to our customers, to grow the brand and improve profitability," Hyundai Chairman Chung Mong-koo said.
According to The Detroit New, Hyundai's 2007 sales were up 4.1% � totaling 2.6 million vehicles.
Despite Hyundai's optimism about 2008, many analysts feel the automaker is setting the bar too high. "I think Mr. Chung's comments today (were) for journalists and to push their marketing department," Yong Dae-in, an analyst at Hanwha Securities, told The Detroit News.
The growth is expected to be fueled by aggressive growth overseas. Hyundai already has plants in China, India, Turkey and the United States and is building another in the Czech Republic. Hyundai's Indian plant will hit full capacity in early 2008 and the automaker will open a second plant in China in May.
Hyundai's Kia brand is also expecting a big 2008, with predicted sales of 1.7 million units � a 24% increase over 2007.
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