Hyundai Motor chief sees new global growth

Home > Business > Industry

print dictionary print

Hyundai Motor chief sees new global growth

테스트

Chung Mong-koo

Hyundai Motor Group Chairman Chung Mong-koo urged employees to prepare for what he believes will be a new growth phase for the global automobile market in 2014.

Chung, who runs the world’s fifth-largest automotive group, met with 60 overseas unit chiefs of Hyundai Motor and Kia Motors yesterday at company headquarters in Yangjae-dong, southern Seoul. The meeting was originally scheduled last week but was postponed when the 75-year-old Chung caught a cold.

Hyundai and Kia sold 6.9 million vehicles worldwide through November, up 6 percent from a year ago. The group set a sales target of 7.41 million units for this year but hopes to reach 7.5 million units.

Chung said that with the beginning of stimulus tapering by the U.S. Fed, Hyundai needs to be aware of changes in both demand and currency rates. He urged the company to strengthen it basics.

“Next year is an important year because Hyundai and Kia’s premium models, as well as other strategic new models, will be released in the global market,” said Chung. “Only automakers that can act at the right time amid change can survive global competition.”

According to a report from Korea Automobile Research Institute (KARI), the 2014 global auto market is expected to grow 4.1 percent from this year, but Hyundai said the business environment doesn’t seem to be positive because competition will heat up.

Hyundai said Japanese automakers are marketing aggressively, backed by the weak yen, while European companies are recovering after restructuring.

BY JOO KYUNG-DON [kjoo@joongang.co.kr]

More in Industry

New Benz

From Europe with love

SK Holdings creates hydrogen investment business unit

'Netflix law' to go into effect from Dec. 10

LG Energy Solution launches, aims for ₩30 trillion sales by 2024

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now