Hyundai Motor Co, South Korea's largest carmaker, said that it is targeting to sell 700,000 vehicles in the domestic market in 2012, up by 2.4% YoY from 2011.
Hyundai Motor, which sold 683,570 units locally in 2011, said that competition in the domestic market is expected to be fierce this year and a free trade deal with the US, expected to go into effect in the next few months, could make foreign made cars more competitive.
Mr Chung Eui sun vice chairman of Hyundai said that "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."
Hyundai, which controlled about 46% of the domestic market in 2011, said that it had sold 4.06 million cars worldwide in 2011, up by 13% YoY.
Kia Motors Corporation, Hyundai's smaller affiliate, said that it will seek a sales gain of around 1.4% to 500,000 units in 2012 from 493,003 vehicles sold in 2011. This target should allow it to hold onto its 33% market share in the new year since new car sales are predicted to reach 1.5 million units.
Industry sources said that both companies have announced conservative growth estimates, reflecting general economic uncertainties.
Meanwhile, Renault Samsung Motors Co, the local unit of French automaker Renault SA, said that it wants to sell 110,000 cars in South Korea in 2012, effectively unchanged from 109,221 it sold the year before. The carmaker, which had a market share of 7.4% in 2011, said that every effort will be made to enhance customer loyalty and after sale services in the new year.
Other carmakers such as GM Korea Co, the South Korean unit of US automaker General Motors Co, said that it is aiming for a market share of 10%, up from 9% tallied for 2011, while Ssangyong Motor Co, the country's smallest carmaker, is targeting sales reaching 47,000 units, or a gain of 21% from the year before.
Sourced from yonhapnews.co.kr
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