Underpinned by encouraging 2010 results, Korean automotive brands Hyundai and Kia are looking to boost sales by a market leading 10 percent in 2011.
Strong demand from both China and a slowly recovering market in the United States should see the world’s No. 5 auto maker and its sister brand Kia outperform competitors and secure a greater slice of automotive market share pie.
Hyundai has said it is targeting global sales of 6.33 million cars in 2011, which is up 10 percent on 2010 sales of 5.75 million cars sold, although a breakdown of Hyundai and Kia individual targets has not been disclosed.
As fast as Hyundai sales rise – they sold 3.6 million cars in 2010, up 16 percent - Kia did even better, with sales hitting 2.1 million cars for a 40 percent increase.
It’s a good thing too that more and more people around the globe like the offerings from Hyundai and Kia, as domestic sales slumped 21 percent on the previous year.
The big mover for Hyundai in the important US market has been the mid-size Sonata (i45 in Australia), while the compact class Avante has led the sales race in Korea.
It’s going to be a busy time for Hyundai Motor this year, with no less than 10 new models to be rolled out globally, including the FS utility, which will be presented at the upcoming Detroit Motor Show.
The only problem that we can see on the horizon is with production capacity. Hyundai factories are said to be at close to full capacity with only the Russian plant with spare capacity, but with a total annual capacity of 150,000 cars, more production volume will be needed if output this year is to grow substantially.