Hyundai Motor Group seeks to sell 8.13 million cars in 2016

Hyundai Motor Group Chairman Chung Mong-koo speaks during a ceremony, marking the start of the year at the company’s headquarters in southern Seoul, Monday. / Courtesy of Hyundai Motor Group

Automaker to spend more on research, promote Genesis

By Lee Hyo-sik

Hyundai Motor Group is projected to sell at least 8.13 million vehicles across the globe this year, up slightly from last year’s 8.01 million, by increasing sales in the United States and China, its chairman said Monday.

Chairman Chung Mong-koo also said that Korea’s largest automaker will invest more in research and development (R&D) in order to hone its expertise on smart, eco-friendly vehicles, as well as promoting the EQ900 (globally named G90), the first vehicle under its premium Genesis brand.

“The automobile industry will face a structural shift toward eco-friendly, automated vehicles amid intensifying competition,” Chung told employees during a ceremony at company headquarters in southern Seoul, Monday. “Against increasingly uncertain market conditions, it is important for us to secure core competences in order to achieve sustainable growth in the future. I want Hyundai to lead technological innovation and enhance its competitiveness.”

To do so, Hyundai Motor and Kia Motors will expand its R&D spending to develop state-of-the-art technologies for smart, eco-friendly vehicles, said the chairman.

He also said that the automakers will successfully promote its Genesis models and set up a more efficient global production and sales network with Hyundai Steel, Hyundai Glovis and other group affiliates.

“Despite unfavorable market conditions, we sold more than 8 million vehicles worldwide in 2015,” Chung said. “Things will not improve much in 2016 amid the Chinese slowdown, falling oil prices and the U.S. rate hikes. But we should double our efforts to increase our brand value and offer what customers want.”

The world’s fifth-largest carmaker by production plans to produce and sell more than 8.13 million cars around the world in 2016 ― 5.01 million for Hyundai and 3.12 million for Kia.

“This year, Kia’s Mexico plant and Hyundai’s Changzhou plant, near Beijing, will open, pushing up the number of our plants to 34 in 10 countries,” the chairman said. “We will continue to introduce aggressive marketing campaigns in the United States, China, Latin America and elsewhere to become a global powerhouse.”

Hyundai Motor Group plans to showcase the G90 at the Detroit Auto Show later this month, its first overseas debut, while launching a dozen new models throughout the year, including the i-Oniq and the Niro.

“In addition, I would like to transform Hyundai Steel into a global leader in automotive steel and Hyundai Engineering & Construction into a global engineering firm,” Chung said. “Hyundai Motor Group will boost its partnership with small businesses and create more jobs for young people.”