The South Korean automakers jointly said they increased the overall goal for worldwide sales in 2014, expecting to deliver at least 8 million vehicles across all markets.
Both Hyundai Motor and Kia Motors forecast the rise to allow them to sell more than 8 million units, as the anticipated record-high China registrations would allow them to thoroughly surpass a lower increase ratio in the United States and Europe.
The Asian carmakers, making up together the fifth-largest auto venture in the world, said in a statement released today that the new sales goal would amount to roughly a 6% growth over the figures posted back in 2013. The companies added that in addition to the expected record delivery level in China, the increases would be buoyed by positive results in India, Russia and Brazil.
Suh Sung-moon, an analyst at Korea Investment & Securities, commenting on the sidelines of the announcement, said Hyundai and Kia would sell more cars in China thanks to recent new model launches and the added capacity for local manufacturing. He added that in his opinion, the companies would miss their proposed US targets for 2014 as the customers were less than expected impressed by the recently revamped Sonata sedan – with the country counting as the automakers’ largest single market following China.
In Europe, the South Korean duo expect better sales and a growth recovery as Hyundai releases on more markets its recently revamped i20 subcompact. Back at the start of the year, in January, Hyundai and Kia said they expected sales for 2014 to reach a total of 7.86 million vehicles.