Hyundai Group revises policy of rapid growth and prioritizes quality

Group overstated fuel-consumption ratings and faced huge recalls in U.S.

2013/08/23

Summary

Hyundai Group whole sale The Hyundai Group (Hyundai Motor and Kia Motors) achieved remarkable growth over these past few years. However, in 2012, it suffered from a string of setbacks for lower production capacity as a result of pre-set strikes in Korea and labor agreements that limited per-employee work hours. Other negative factors include  the high valuation of the won, overstated fuel-consumption ratings issue and large-scale product recalls in the U.S.

 Having achieved rapid and remarkable growth these past few years, the Company's global  plants were busy building products, running at high operating levels. For example, Hyundai Motor's global plants were operating at 107.4% in 2011 and 108.4% in 2012. However, this year, in line with reduced working hours at its plants in Korea, there has been a supply capacity shortage in the U.S. and other regions where market growth is expanding. In the U.S., the Group's market share between January and July 2013 dropped to 8.2% from 9.0% of the same period in the previous year.

 On the other hand, the Hyundai Group is very cautious about enhancing the capabilities of its production facilities. The Group's production levels significantly and rapidly increased for the past several years. If the Group continues on its current roadmap for high-volume production levels, its parts suppliers' might not be able to keep up with demand and problems with quality might surface. As a result, the Group's plan for increases in production capacity from the second half of 2013 will be limited as follows; Raising the production capacity at its plant in Turkey from 100,000 units to 200,000 in 2013; and launching commercial production at Kia's third production plant in China in the second half of 2014. (Also, it has been reported that Hyundai will construct its fourth plant in China.)

Even if Hyundai Group ends up losing market share temporarily, its main priorities will be first to enhance quality, ensure customer satisfaction, and raise earnings at the Group and its dealers. It will raise its administrative/management efficiencies and prepare for its future growth.

 As for the Hyundai Group's business results, Hyundai Motor's profit margin is around 10% and Kia's is around 8%, indicating a rather high level of profitability, even though increase of sales are falling (Kia's were down 0.6% for the first half of 2013).

 At the end of this report, we've provided production forecast by country for the Hyundai Group compiled by LMC Automotive. Although the Hyundai Group's growth rate may taper off, it is still estimated that its production volume will reach 8.35 million units in 2016.

 Also, we plan to write a separate report about the Group's operations in China, the country where the greatest amount of growth is expected to occur.

Related report: Hyundai Group plans to sell 7 million vehicles in 2012, up by 400K over 2011 (posted in April 2012)



Shipments increased by 260,000, but exports from Korea fell by 90,000 for 1st half of 2013

 Over the past few years, the global sales volume of the Hyundai Group has grown remarkably. The sales volume increased by  1.08 million units year-on-year in 2010, by 860,000 units year-on-year in 2011, and by 530,000 units year-on-year in 2012, reaching an annual total of 7.13 million units sold in 2012. This put Hyundai in fifth place among the world's OEMs, ahead of Ford that sold 5.67 million units in 2012. The Group's level of quality has also improved quickly. (Please refer to the above-mentioned related report for further details.) However, due to new working conditions introduced in the Group's plants in Korea, which includes reduced working hours, a worldwide shortage has surfaced in its ability to supply products.

 The volume of units shipped worldwide for the first half of 2013 rose from 3.578 million to 3.836 million units year-over-year, an increase of 258,000. On one hand, the number of units shipped from the plants in China, Brazil and the U.S. increased by 350,000. This increase was achieved through two plants, one in China and another in Brazil, which started production, and an addition of third shift in its plants in the U.S. On the other hand, the number of units exported from Korea fell by 89,000 units. This led to a decrease in sales volume by  8,000 units in the U.S.. The sales volume in  other areas  stayed at the same level or fell slightly.

Wholesales Volume of Hyundai Group

(1,000 units)
2009 2010 2011 2012 2013
Plan
Jan.-Jun.
2012
Jan.-Jun.
2013
Hyundai Korea Plant
(thereof) Domestic
(thereof)   Export

Overseas Plant
1,612
701
911

1,521
1,731
658
1,073

1,881
1,885
682
1,202

2,174
1,911
667
1,244

2,499
1,850
668
1,182

2,810
992
328
664

1,191
922
326
596

1,469
Hyundai Motor 3,133 3,612 4,059 4,410 4,660 2,183 2,391
Global Utilization 91.5% 100.6% 107.7% 108.4%
Kia Korea Plant
(thereof) Domestic
(thereof) Export

Overseas Plant
1,142
411
731

392
1,400
483
917

730
1,581
492
1,089

957
1,589
481
1,108

1,131
1,600
480
1,120

1,150
851
238
613

544
818
226
592

627
Kia Motors 1,534 2,130 2,538 2,720 2,750 1,395 1,445
Hyundai
Group
Korea Plant 2,754 3,131 3,466 3,500 3,450 1,843 1,740
(thereof) Domestic 1,112 1,141 1,174 1,148 1,148 566 552
(thereof) Export 1,642 1,990 2,291 2,352 2,302 1,277 1,188
Overseas Plant 1,913 2,611 3,131 3,630 3,960 1,735 2,096
Hyundai Group 4,667 5,742 6,597 7,130 7,410 3,578 3,836
Change (units) 444 1,075 855 533 280 379 258

Source: Hyundai and Kia's Financial Results for 2012 and January-June 2013, Hyundai Motor Investor Presentation June 2013

 

Wholesales Volume by Plant

(1,000 units)
2009 2010 2011 2012 2013
Plan
Jan.-Jun.
2012
Jan.-Jun.
2013
Hyundai US
China
India
Czech
195
570
560
116
300
703
603
200
338
740
616
251
361
856
641
303
388
970
633
300
175
373
326
162
207
511
332
155
Turkey
Russia
Brazil
CHMC (Note)
80
1,521
75
0
91
138
86
225
27
519 43
112
45
113
78
28
Total 1,521 1,881 2,174 2,499 2,810 1,191 1,469
Kia US
China
Slovakia
0
241
150
167
333
230
272
433
252
358
481
292
360
500
290
173
221
149
192
276
159
Total 392 730 957 1,131 1,150 544 627

(Note) Sichuan Hyundai Motor Company(CHMC) is a joint venture between Hyundai Motor and Sichuan Nanjun Automobile Group, a commercial-vehicle OEM based in China. A new plant building is under construction, with the plant's commercial operations scheduled to begin from the latter half of 2014. The 2013 unit sales shown are for Sichuan Nanjun's existing models being built at the joint-venture company.

 

 



Group prioritizes quality over rapidly increasing production capacity

 As you can see in the following table, the Group either already finished or is planning to increase its production capacity between 2012 and 2013. For its plans in the latter half of 2013 and after, it has already decided to add facilities at its plant in Turkey so as to increase the production capacity there from 100,000 units to 200,000. It also plans to build Kia's third production plant in China. The Group has not announced any more plans after these.

 Hyundai Group reportedly has a policy not to speed up plans to increase production volumes to 8-million unit-range, due to various issues both inside and outside Korea, including quality problems. These issues will be reported in the latter half of this report. The Group also reportedly had plans to build its third production plant in India, which was rejected by the Group's management.

New plants and Capacity increase from 2012

SoP Annual Production Capacity
China Hyundai Third Plant June 2012 Annual capacity of 300,000 units at first, 400,000 units in the future.
CHMC 2013 To produce 160,000 units of commercial vehicles
Fourth Plant Yet-to-be
announced
To construct a plant with annual capacity of 300,000 units and starts production as early as 2015.
Kia Third Plant Late 2014 Annual capacity of 200,000 units at first and 300,000 units in 2015.
US Kia Georgia plant Early 2012 Increased capacity from 300,000 to 360,000 units.
Hyundai Alabama plant Fall 2012 Three shift system introduced. Annual capacity will be increased from 300,000 units in 2012 to 370,000 units in 2013.
Brazil Hyundai Piracicaba plant November 2012 Started production of small hatchback with annual capacity of 150,000 units.
Russia Hyundai St. Petersburg plant 2012 Increased capacity from 150,000 to200,000 units.
Turkey Hyundai Bursa plant End of 2013 To double capacity to 200,000 units and starts production of "i10".
Between 2012 and mid-2014, the Hyundai Group plans to build new plants and
increase the capacity of its existing plant so as to boost its production capacity by 1.09 million units.
(This does not include the capacity at Hyundai's fourth plant in China.)

 

 



High valuation of won: Against yen, it's 30% higher

 The low valuation of the Korean won (KRW) is one of the factors that have supported the Group's performance these past few years. The value of the won has been rising these past few years. In January 2013, it rose to KRW 1,060 to USD 1, compared to when it was relatively lower at around KRW 1,180 to USD 1 around May and June 2012. However, as of August this year, it has again dropped to around KRW 1,120 won to USD 1, which is the average rate over the past two to three years.

 Against the yen, the won has continued to drop steadily for the past 30 years and more. Beginning in 2013, however, the period of extremely high appreciation of the yen that continued until 2012 ended. The valuation of the won to the yen, which was around KRW 100 equal to JPY 6.8  in May/June 2012, has been continuing to rise around 30% these past two to three months, with KRW 100 equal to JPY 9. This has created a huge impact on the Group's business to compete with Japanese OEMs around the world. Hyundai Motor has reduced the portion of exports from Korean plant in order to minimize the impact that negative currency translation has on its business performance.

Hyundai's Portion of Export from Korean Plant and KRW/USD Exchange rate

2008 2009 2010 2011 2012 Jan.-Jun.
2012
Jan.-Jun.
2013
2013
Plan
Portion of Export (Note) 40% 29% 30% 30% 28% 30% 25% 25%
KRW/USD Exchange rate 1,102.6 1,276.4 1,156.3 1,108.1 1,126.9 1,141.8 1,105.3 -

Source: Hyundai Motor Investor Presentation June 2013
(Note) The portion of exports means: units exported from Korean plants/(total shipment from Korean plants + total shipments from plants outside Korea).

 

 



Labor issues in Korea: New labor conditions lower production capacity in Korea

 A union leader with a strong confrontational attitude came onto the scene at Hyundai Motor's labor union in the fall of 2011, a time when public consensus was against huge corporations.

 Between July and August 2012, Hyundai Motor's labor union demanded improved working conditions, conducting pre-set strikes. Hyundai compromised from fear of longstanding production decrease, agreeing to raise wages, limit the per-worker working hours, and end late-night/graveyard shifts. (It previously had operated under two 10-hour work shifts. It changed this to an 8-hour morning shift and a 9-hour evening shift which ends at 1:10AM.) The pre-set strikes, which were held for 28 days in total, reduced production by 82,000 units. In addition, the Company proposed that it would give 3,000 of the 6,800 part-time workers full-time status within 2013; however, the labor union has not agreed with this offer.

 Further to this, from the beginning of March 2013, week-end production was stopped for about three months  due to the 2013 wage negotiations. This was said to have lowered Hyundai Motor's production volume by 83,000 units.

 To respond to the fall in production caused by the reduction in work hours, the Group will invest KRW 300 billion, to increase its production facilities and will work to enhance its production efficiencies as well. However, the actual benefits from these actions are still unknown. Hyundai Motor's largest Ulsan plant has an annual production capacity of 1.5 million units, but it is estimated that this level will drop by 234,000 units or by 15%. The total wholesale volume of Korean plants for the first half of 2013 by both Hyundai and Kia dropped by 100,000 year-over-year, from 184,000 to 174,000. ("wholesale volume of Korean plants" refers to the number shipped to the Korean domestic market as well as the number exported.)

 

 



Sales volume in Korea: Share of imported vehicles reached 10%

 Total vehicles sales in the Korean market have remained in the range of about 1.55-1.60 million units since 2010. Under the free-trade agreement with Europe and the U.S. more vehicles are imported from those areas, with its share exceeding 10% in the Korean market for the first half of 2013. While Hyundai Group (Hyundai and Kia combined) still maintain a 70% market share, the share has been on a slightly downward trend in 2012 and for the first half of 2013. Hyundai Group invested the profits achieved from its overwhelming market share of Korean market to its business outside of the home country. Therefore, the heating up competition in the Korean market is said to have a huge effect on Hyundai Group.

Domestic sales in Korea

2008 2009 2010 2011 2012 Jan.-Jun.
2012
Jan.-Jun.
2013
Hyundai Motor
Kia Motors
570,962
316,432
702,678
412,752
659,565
484,512
684,157
493,003
667,777
482,060
328,115
239,138
325,087
226,404
Hyundai Group Total
Market share
887,394
71.9%
1,115,430
76.2%
1,144,077
72.9%
1,177,160
73.9%
1,149,837
73.5%
567,253
74.5%
551,491
72.7%
Other OEMs in Korea
Total Korea-made vehicles
267,089
1,154,483
278,570
1,394,000
321,349
1,465,426
297,477
1,474,637
261,020
1,410,857
127,855
695,108
125,416
676,907
Imports
Market share
80,537
6.5%
69,002
4.7%
104,977
6.7%
117,592
7.4%
154,407
9.9%
66,391
8.7%
81,493
10.7%
Grand Total 1,235,020 1,463,002 1,570,403 1,592,229 1,565,264 761,499 758,400
Source: Korea Automobile Manufacturers Association
(Note) 1. The Hyundai Group's market share means its share in the entire Korean domestic market that includes imported vehicles.
2. The breakdown of vehicles imported between January and June 2013 by country is as follows: Germany: 37,971 units, U.S.: 15,650 units, Japan: 14,861 units, and the U.K.: 3,580 units. Japanese OEMs are taking advantage of the free-tree agreement between Korea and the U.S. and importing the U.S.-made Toyota Camry, Venza, and other vehicles.

 

Hyundai's sales and operating profit by region

(Billion Won)
Korea North
America
Asia Europe Other Consolidation
adjustments
Total
(consolidated)
Revenue 2010 45,354 21,410 6,916 13,050 - (19,744) 66,985
2011 51,565 26,029 7,388 20,696 - (27,881) 77,798
Operating profit 2010 4,642 753 364 150 (8) 18 5,818
2011 5,922 1,408 357 575 (47) (139) 8,076
Source: Hyundai's 2011 Annual Report
(Note) 1. The 2012 Annual Report does not disclose operating profit by region.
2. The total consolidated operating profit for 2011 was corrected to KRW 8,029 (in billions),when the Group announced its 2012 financial results.

 

U.S. Market: Group's Market Share Drops 0.8%, to 8.2% through July 2013

 Hyundai Group's sales in the U.S. between January and July 2013 were 753,000 units, a slight decrease from the 755,000 units sold the year before. As a result, its market share dropped from 9.0% to 8.2%.

 Hyundai's plant in Alabama builds the Sonata and Elantra, working in three shifts. Between January and July 2013, the number of U.S. -made Hyundai- and Kia-brand vehicles sold in the U.S. was 480,000, a 7.3% increase y/y. However, the number of imported Hyundai and Kia vehicles sold in the U.S., fell to 270,000, an 11.2% drop y/y.

 However, according to reports published on June 10, 2013 in Automotive News and other sources, Hyundai Group's head office in Korea and its sales company in the U.S., were said to be aggressively emphasizing quality, customer satisfaction, and profitability, even at the expense of sacrificing some market share and curtailing sales incentives.

 According to Hyundai Motor, the value of its incentive programs in 2012 in the U.S. amounted to USD 946 per vehicle. This is less compared to the USD 1,804 and USD 2,206 per vehicle offered by Toyota and Honda, respectively. Since April 2011, the Group has maintained its vehicle inventory turnover at less than 60 days.

Hyundai group's U.S. sales: Domestic(made in U.S.) versus Import (made in Korea)

(units)
2009 2010 2011 2012 Jan.-Jul.
2012
Jan.-Jul.
2013
Hyundai Domestic 200,371 273,303 486,713 503,655 293,730 320,118
Import 234,693 264,925 158,978 199,352 124,960 106,897
Total 435,064 538,228 645,691 703,007 418,690 427,015
Kia Domestic 0 108,202 130,235 274,996 154,044 160,173
Import 300,063 248,066 355,257 285,603 182,737 166,182
Total 300,063 356,268 485,492 557,599 336,781 326,355
Group Domestic 200,371 381,505 616,948 775,651 447,774 480,291
Import 534,756 512,991 514,235 484,955 307,697 273,079
Total 735,127 894,496 1,131,183 1,260,606 755,471 753,370
Market share 7.0% 7.7% 8.9% 8.7% 9.0% 8.2%
Total US Light Vehicle 10,431,509 11,589,844 12,779,007 14,492,398 8,426,339 9,134,810

Source: Automotive News

 

 



U.S.: Overstated fuel efficiency and large-scale product recalls

 In November, 2012, The U.S. Environmental Protection Agency (EPA) announced that 900,000 vehicles that had been sold by Hyundai and Kia combined, had overstated fuel efficiency. In response, the Hyundai Group showed its sincere apologies to both its customers and its dealers. The Group offered a comprehensive compensation program, which was viewed favorably by a majority of its customers, who remained relatively cool over the situation. Furthermore, 1.68 million Hyundai/Kia vehicles were subject to a recall for faulty brake-light switches.

Thirteen types of models (900,000 Units Total) were found to have overstated fuel efficiency

 In November 2012, the EPA announced that Hyundai Group overstated fuel efficiency of 900,000 Hyundai- and Kia-brand, 2011-2013 model-year vehicles. The overstatement covers eight models by Hyundai and five by Kia. According to the EPA, the fuel efficiency was overstated by 6 miles maximum per gallon, three percent  in average from the data submitted by the company.
 Since 2000, the EPA had discovered only two cases of incorrect fuel efficiency. Moreover, this is the first time it has uncovered such a huge-scale departure from the declared fuel efficiency. Among the 13 models with overstated MPG, six models indicated a rating of 40 miles per gallon in highway driving. Since 40 miles per gallon in highway driving is viewed as one of the standards for low fuel consumption, suspicions were raised that the Group intentionally provided incorrect ratings. However, the Hyundai Group denied such claims, stating that the incorrect rates were caused by procedural errors in testing operations at laboratories in Korea.
 The Hyundai Group, in response to an order by the EPA, re-labeled its autos with new window stickers reflecting the corrected fuel efficiency. In addition, the Group calculated the maximum amount of money that customers were assumed to have paid, based on the difference in ratings indicated at the time they bought vehicles, and the corrected fuel efficiency. The Group then compensated the balance adding 15% on top of that. In addition, the company offered free car washes and other services. The majority of customers remained relatively calm over the situation, being rather satisfied with the compensation the Group gave in response.

Source: EPA 2012.11.2

 

Recall of 1.6 million vehicles due to faulty brake-light switches

 The Hyundai Group announced in April 2013 that it would recall 1.68 million vehicles due to faulty brake-light switches. For instance, when drivers stepped on the brakes, the brake-lights would not go on. In other instances, when drivers stepped on the brakes, the cruise-control speed-setting would not disengage. And on vehicles with automatic transmissions, drivers may not get the parking-mode (P) gear setting to move. All of these issues may lead to serious accidents.
 A total of 1.68 million vehicles were subject to the recall; 1.06 million Hyundai-brand vehicles including the 2011 Sonata, 2007-2009 Accent and Tucson, the 2007-2011 Elantra, and others; and 620,000 Kia-brand vehicles such as the 2010 Optima, 2007-2010 Rondo and Sportage. All of these vehicles were equipped with the same type of switch manufactured by a Korean parts supplier.

Source: National Highway Traffic Safety Administration (NHTSA) 2013.4.1、Automotive News 2013.4.15

 

 



Profit margins remained high even though operating profits fell for 1st half of 2013

 Since 2011, it became mandatory for companies listed on the Korean stock market to switch from reporting their consolidated financial results based on the K-GAAP Standard to the K-IFRS Standard. Hyundai owns 33.88% of the stock shares in Kia, thereby making Kia a Hyundai subsidiary based on the equity method of accounting. For the most part, the majority of operations outside Korea are accounted on a consolidated basis, while the operations in China are accounted based on the equity method.

 Both Hyundai and Kia, which had continued to maintain a high level of earnings, found themselves posting lower profits in the fourth quarter of 2012  This was due to a shortage in production capacity resulting from  changes in its labor agreements and the negative currency translation due to the high valuation of the won. (The companies did report higher operating profits over the entire year in 2012.)

 Between January and June 2013, Hyundai Motor's operating profit fell by 7.7% and Kia's fell by 21.0% y/y. As for Kia, its financial results were affected by the production issues in Korea and the high proportion of vehicles built for export significantly. In spite of these temporary setbacks, Hyundai Motor and Kia had a 9.6% and 7.6% operating profit margin respectively. Furthermore, net profits remained high at both companies, especially after the figure was added based on the equity method from the  profits made by affiliated companies including the Group's companies in China. Hyundai Motor's net profit was KRW 4.6 trillion and Kia's was KRW 2.0 trillion.

Consolidated Results

(Billion Won)
2010 2010 2011 2012 Jan.-Jun.
2012
Jan.-Jun.
2013
Unconsolidated results (K-GAAP) Consolidated results (K-IFRS)
Hyundai Revenue
Operating profit
Margin (%)
36,769
3,227
8.8%
66,985
5,918
8.8%
77,798
8,029
10.3%
84,470
8,437
10.0%
42,105
4,631
11.0%
44,551
4,275
9.6%
Equity earnings
Pre-tax profit
Net profit
2,801
6,308
5,267
1,682
7,492
6,001
2,404
10,447
8,105
2,580
11,605
9,056
1,405
6,296
5,001
1,413
5,939
4,611
Kia Revenue
Operating profit
Margin (%)
23,261
1,680
7.2%
35,827
2,490
7.0%
43,191
3,499
8.1%
47,243
3,522
7.5%
24,341
2,317
9.5%
24,197
1,831
7.6%
Equity earnings
Pre-tax profit
Net profit
1,106
2,776
2,254
982
3,323
2,698
1,337
4,722
3,519
1,414
5,164
3,865
666
3,074
2,298
617
2,440
1,965
Source: Hyundai and Kia's Financial results for 2012 and for January-June period of 2013
(Note) 1-1. Under K-GAAP Standards, it was possible for companies to include the results of subsidiaries in their consolidated results, as long as the parent company had more than a 30% shareholding in and was the major shareholder of the subsidiary. Under the K-IFRS, however, the shareholding ratio was raised to more than 50%. As of the end of December 31, 2012, Hyundai had only a 33.88% shareholding in Kia.
1-2. As a result of this, the Hyundai Motor's consolidated financial results based on the K-IFRS did not fully include the results from subsidiaries such as Kia Motor, Hyundai Hysco, and others These subsidiaries, along with those in China, were accounted for under the equity method of accounting, and their net profits were reflected in the consolidated net profits of Hyundai Motor.
2. Kia Motor also announced its consolidated financial results based on the K-IFRS.
3. Hyundai and Kia both reported increases in revenues and profits for the entire 2012 year as a whole. For the fourth quarter of 2012, the companies were still able to report higher sales, but due to the strong won, ended up reporting lower operating profits. For the quarter, Hyundai's fell 11.7% and Kia's fell 51.1%, which was a tremendous decrease.
4-1. Between January and June 2013, Kia shipped 144.5 million units, which was an increase over the 139.5 million units shipped during the same period the previous year. However, in spite of this, Kia reported a 0.6% drop in sales, faced with a 3.1% higher valuation of the won. During the same-period the previous year, USD 1 was the equivalent of KRW 1.142, while this year, USD 1 is equal to KRW 1,107.
4-2. For the same, January-through-June period, Hyundai Motor was also affected by the higher won. The rates were USD 1=KRW 1,142 the previous year, and USD 1=KRW 1,105 this year. In spite of this, Hyundai Motor was able to report higher sales.

 

 



Production Forecast by LMC Automotive: Hyundai Group production forecasted to 8.35 million in 2016

(LMC Automotive、June 2013)

Hyundai Group production forecast According to LMC Automotive's forecast in June 2013, Hyundai's light vehicle productions in 2013 will increase by 5.9% to 7.65 million units and reaches 8.35 million units in 2016.

 Hyundai's China production supports the steady increase which  shows a 15.9% growth y/y in 2013 to 1.54 million units. By 2016, the country's production is expected to increase to 2.0 million units, which is a significant growth of 30.0% compared to the volume of 2013. LMC automotive indicates, "The Hyundai Group is going strong in Asia Pacific on the back of rising demand in China and India, but both Hyundai and Kia continue to make inroads in North America and Europe."

 Hyundai Group's Korean production volume is expected to hover around 3.5 million units until 2016.

 The global research company points out "Hyundai and Kia are facing increasing wages at home that would impact their global competitiveness but both are unlikely to make any major production shifts out of Korea in the next few years. This is because global demand for some key models is expected to rise faster than their ability to expand oversea build."

Hyundai Group production forecast by country and by make (LMC Automotive)

(units)
COUNTRY GLOBAL MAKE 2010 2011 2012 2013 2014 2015 2016
Total 5,845,457 6,755,505 7,224,062 7,648,744 7,762,876 8,071,547 8,343,168
Brazil Hyundai 23,711 38,635 51,242 189,521 197,220 214,621 225,006
China Hyundai 704,441 743,888 855,307 988,381 1,063,142 1,179,657 1,284,725
Kia 338,362 431,265 485,268 548,372 579,012 640,094 700,698
China Sub-total 1,042,803 1,175,153 1,340,575 1,536,753 1,642,154 1,819,751 1,985,423
Czech
Republic
Hyundai 151,249 223,631 303,035 302,902 276,413 259,337 274,721
Kia 48,886 27,515 0 0 0 0 0
Czech Republic Sub-total計 200,135 251,146 303,035 302,902 276,413 259,337 274,721
Ecuador Kia 13,092 13,888 16,831 18,335 20,837 22,384 21,988
India Hyundai 600,478 619,678 647,731 626,952 523,820 564,695 615,171
Indonesia Hyundai 6,104 5,173 8,207 4,456 5,879 4,222 4,658
Iran Hyundai 7,611 5,140 1,558 157 0 0 3,703
Kia 18,114 19,320 4,258 0 0 0 31,879
Iran Sub-total 25,725 24,460 5,816 157 0 0 35,582
Kazakhstan Kia 148 2,073 4,899 8,343 11,068 13,003 13,985
Korea Hyundai 1,697,434 1,842,508 1,857,137 1,848,293 1,873,680 1,869,384 1,824,913
Kia 1,415,096 1,582,304 1,584,148 1,596,528 1,683,812 1,712,193 1,712,748
Korea Sub-total 3,112,530 3,424,812 3,441,285 3,444,821 3,557,492 3,581,577 3,537,661
Malaysia Hyundai 3,608 4,979 5,829 8,588 9,207 9,823 10,460
Kia 7,551 6,518 9,300 12,396 12,329 12,587 12,789
Malaysia Sub-total 11,159 11,497 15,129 20,984 21,536 22,410 23,249
Philippines Kia 1,308 562 1,337 939 1,082 1,097 1,188
Russia Hyundai 10,224 131,877 122,207 127,043 112,331 112,530 144,435
Kia 80,281 118,424 193,706 205,844 198,289 192,202 185,328
Russia Sub-total 90,505 250,301 315,913 332,887 310,620 304,732 329,763
Slovakia Hyundai 80,005 36,004 0 0 0 0 0
Kia 99,646 161,803 230,141 232,228 218,234 203,156 186,607
Slovakia Sub-total 179,651 197,807 230,141 232,228 218,234 203,156 186,607
Taiwan Hyundai 9,904 12,372 15,356 16,402 16,882 18,790 20,882
Turkey Hyundai 77,207 90,265 86,977 99,393 168,554 199,164 198,978
Ukraine Hyundai 11,414 6,310 3,504 3,193 500 0 0
Kia 4,697 2,957 1,440 0 0 0 0
Ukraine Sub-total 16,111 9,267 4,944 3,193 500 0 0
Uruguay Kia 1,519 9,914 11,225 11,288 11,869 12,041 12,209
USA Hyundai 317,551 429,282 459,439 519,350 490,967 509,034 500,841
Kia 111,844 181,149 260,108 274,925 278,606 312,147 345,592
USA Sub-total 429,395 610,431 719,547 794,275 769,573 821,181 846,433
Venezuela Hyundai 3,972 8,071 3,872 4,915 9,143 9,386 9,664
Source: LMC Automotive "Global Automotive Production Forecast (June, 2013)"
(Note) 1. Data indicates figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
3. For more detailed information or inquiries of forecast data, please contact LMC Automotive.

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