Hyundai Motor Group aiming at 16% growth in sales

Hyundai Motor Group aiming at 16% growth in sales

South Korea based automotive giants Hyundai has announced that they are aiming to increase their worldwide sales by around 16% this year. This would include their subsidiaries like the KIA Motors Corporation as well. The company is already the South Korea’s biggest automaker and is also dominating other markets like India.

The company is aiming to sell close to around 4.12 million vehicles this year. They sold 3.54 million vehicles in the year 2005. The group is collectively targeting 2006 sales target of 100 trillion won ($99 billion) for Hyundai Motor, Kia Motors and other units. This is a growth rate of around 17.6% over last year figures.

In addition, Hyundai Motors has also revealed plans to invest more this year. They are aiming at investing close to 8.54 trillion won in 2006, 30 percent more than last year, to develop new technology and build new production machinery. The company also reported that they posted combined sales of 85 trillion won in 2005. This was an improvement of around 13.3 percent compared to 2004.

Hyundai also reported that they sold 3.54 million sedans, sports utility vehicles and other automobiles last year, up 11.9 percent from the year earlier.

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