Hyundai hungry for more of home market this yearHyundai Motor, Korea’s largest carmaker, said yesterday it is targeting sales of 700,000 vehicles in the domestic market this year, up 2.4 percent from 2011.
The automaker, which sold 683,570 units locally last year, said competition in the domestic market is expected to be fierce this year. Meanwhile, a free trade deal with the U.S. that is expected to go into effect in the next few months could make foreign-made cars more competitive.
“Imported cars are expected to compete more aggressively for domestic market share, so Hyundai must counter by offering consumers premium services and devise new marketing ideas,” Chung Eui-sun, Hyundai vice chairman, said.
Hyundai, which controlled about 46 percent of the domestic market last year, said it sold 4.06 million cars worldwide in 2011, up 13 percent from the previous year.
More in Industry
Doing the robot
Export growth of 6% seen by KITA next year
Big companies, fearing the worst, scramble for cash
Hyundai unveils one-size-fits-all electric vehicle module