Chung Mong-koo, Hyundai Motor Group Chairman, plans to achieve an increase of 15% to 465, 000 units sold in Europe this year.
Chung Mong-koo has big plans for Hyundai expecting the company to reach sales of 465,000 vehicles in Europe and sister brand Kia to reach 350,000 units, up 21% by the end of this year. In March, Chung Mong-koo, visited Europe for the first time as a guest at the Geneva auto show, where he was interviewed by Automotive News Europe Editor-in-Chief Luca Ciferri.
Chung said that the automaker has developed a lot over the past 10 years, offering top quality products and making bold investments in global R&D centers, products, sales networks, production facilities and early expansion in emerging markets and the BRICs (Brazil, Russia, India, China). Therefore Hyundai can be seen as a new competitor for Volkswagen, which already declared it will keep a close eye on Hyundai.
Last month Hyundai reported its 13th straight quarter of increased profits, and also double-digit gains in Europe. From April to June the automaker’s sales reached 1.11 million vehicles and a net profit up to 2.55 trillion Korean won ($2.22 billion), up 10% compared with the same period last year.