Hyundai aims to sell one million vehicles in China
Hyundai-Kia Automotive Group plans to sell 1 million vehicles in China in 2010!
Last year, Hyundai Motor Company and its affiliate Kia Motors, which both form a Hyundai-Kia Automotive Group, sold 4.63 million vehicles worldwide. Out of all vehicles sold, more than 800.000 cars and trucks were sold in China, making it the world’s largest auto-market for the Korean automaker.
Hyundai, which operates two manufacturing plants in China, saw its new car sales increase 93 percent, to 570.309 units, while its sister company Kia Motors managed to increase its sales to 241.386 units (+70 percent when compared to a year earlier).
Overall new passenger car sales n China increased to 10.3 million units in 2009, representing a 52 percent increase over the numbers achieved in 2008. According to leading China newspaper, car sales were boosted by higher demand for smaller cars.
By introducing several new models in 2010, including a revamped Accent hatchback and Elantra sedan, Hyundai hopes it can boost its sales to 670.000 units, up 25 percent, while Kia aims to increase its sales by 40 percent for a total of 300.000 units. If both automakers successfully increase their sales as projected, the Hyundai-Kia Automotive Group will sell close to 1 million vehicles in China!
But Hyundai expansion plans do not stop here. The Korean largest carmaker is also planning to enter commercial vehicle market in China by setting up a joint-venture with a local commercial vehicle company.
According to Hyundai spokesperson, the automaker set up a 50-50 venture with Baotou Bei Heavy Truck Company. The venture is expected to unveil a brand-new heavy-duty truck destined for Chinese market, which will use Hyundai’s modern powertrain technology, such as engines and transmissions.
Hyundai plans to pump $400 million to the project with an aim to increase its commercial vehicle sales to 100.000 units by the end of 2014.