Hyundai-Kia in China: 2.4 million in vehicle sales targeted for 2016
Engine and vehicle production expanded to meet future sales goals
In these years, Korean Hyundai Motor Group (including Kia Motors) has expanded its sales significantly in the Chinese market. During the January to October 2013 period, its combined sales of locally produced passenger and commercial vehicles increased by 20% year-over-year (y/y). Hyundai Motor Group has revealed its aims to become the second largest foreign capital group in China in the near future. Hyundai Motor Group has set its sales target at the 2.4 million-unit level for locally-produced passenger cars by 2016 (including exports but excluding imports). In line with this, the group plans to increase its annual passenger car production to more than 2.4 million units around 2015. Regarding commercial vehicles, Hyundai Motor aims at production and sales of 170,000 units in 2017.
In parallel with the expansion of vehicle production, Hyundai Motor Group has been expanding its engine production. It is now promoting a plan to enhance its annual passenger car engine production capacity to more than 3 million units by 2015.