South Korea Hyundai Motor Co., Ltd. and Kia Motors, a subsidiary of South Korea, are expected to report successful sales this year, driven by rising demand.
In his speech, Hyundai Motor’s chairman, Zheng Mengjiu, said that Hyundai’s sales forecast for this year will increase from KRW 27.82 trillion in the same period of the previous year to KRW 31.1 trillion (US$26 billion), a record high.
Hyundai Motor said in its submission to the South Korean Stock Exchange that its Kia car sales are expected to grow by a quarter to 16.67 trillion won, rewriting a record high.
Hyundai Motor hopes to combine Kia Motors, and it will become one of the top five automakers in the world by 2010. Hyundai Motor currently actively expands its business in India and China, and the first US plant is expected to start production next year.
Hyundai Motor expects sales of 2.17 million cars at home and abroad this year; Kia Motors estimates that it will sell 1.16 million vehicles this year, a 27% increase compared to the same period of last year.