Hyundai aims to sell 1 mln vehicles in China in ’10 image

Hyundai Motor and its affiliate Kia Motors expect to sell 1 million vehicles in China this year, up 25% from last year, China Daily reported last week.

Hyundai-Kia Group sold about 4.63 million vehicles worldwide in 2009 and aims to increase global sales by 17%, helped by new models and a strong jump in China market sales, Hyundai Chairman Chung Mong-Koo said in Seoul earlier this month.

The South Korean auto group, the world’s fifth largest automaker, said last month it expects vehicle sales in China in 2009 to surge 83% to 800,000 vehicles, with its China sales in 2010 to hit the 1 million mark.

According to Noh Jae-man, president of Beijing Hyundai Motor Co – Hyundai’s car venture with Beijing Auto – the company expects to sell 670,000 cars this year, up 17.5% from a projected 570,000 in 2009.

To reach the growth targets, Beijing Hyundai plans to build its third plant, which will increase the venture’s capacity to 900,000 vehicles. The new facility is scheduled to start operation late 2011.

Kia Motors may sell 330,000 vehicles in China this year, up 43% from an estimated 230,000 units in 2009. Kia also operates two plants in China under the joint venture Dongfeng Yueda Kia Motor.

Source: Gasgoo