Hyundai aims to raise its market share in Europe by 50% image

Responding to improving demand in the region with new models and expanded production capacity, Hyundai also aims to boost its European market share by almost half by the end of the decade.

Hyundai’s sales in EU and EFTA markets declined 3 % last year to 422,930 autos, worse than the market’s overall 2 % drop, industry data showed. Still, the automaker announced in a statement it is aiming to increase its share of sales in the European Union and European Free Trade Association markets to 5 % by 2020 from 3.4 % last year.

“Recovering economies will fuel consumer confidence, helping Hyundai to achieve its qualitative targets,” Allan Rushforth, the carmaker’s chief operating officer, said in the statement.

The company’s European deliveries may not start to rebound until 2015 as Hyundai will focus this year on upgrading its operations that absorbed more than 500 million euros ($680 million) of investments in 2013.

Customers will be wooed with 22 new models and derivatives over the next four years, including an all-new version of the i10 minicar, built at a factory in Turkey where Hyundai in 2013 ramped up production capacity to 500,000 vehicles a year.

Via Automotive News Europe