7 million vehicles – the 2012 sales target for Hyundai and Kia image

The president of Hyundai Motor stated this week that Hyundai Motor Co and affiliate Kia Motors Corp 2012 sales target is about 7 million vehicles globally next, versus more than 6.5 million this year.

Together, the two companies are on the fifth place worldwide regarding auto sales. They gained market share from Japanese and U.S. competitors even during the global economic crisis due to their affordable, quality models that were in line with the demands of the cost-conscious consumers.

The companies faced lack of sufficient manufacturing capability that should allow them to actually cover all the demand.

“We aim to sell about 7 million vehicles next year. We expect to reach (the target) should we run our factories at full capacity,” Chung Jin-haeng told Reuters, adding that the sales target has not been finalised. He did not give a breakdown on the sales goals for Hyundai and Kia.

Hyundai and Kia are expected to beat their already upgraded 2011 sales targets of 6.5 million vehicles, anticipating sales of between 6.5 million and 6.6 million this year.

According to some Korean analysts, the 2012 target seems to be conservative, as Hyundai and Kia are likely to continue to surpass their earlier targets next year.