Hyundai-Kia Sales Goal
Boosted 15% over '07

Group Chairman Chung announces ambitious plan for coming year

Hyundai and Kia Automotive Group have set a combined sales target of 118 trillion won, including 69 trillion won for automobiles this year, Hyundai Group Chairman Chung Mong-koo said.
At the New Year's ceremony held on Jan. 2 at the group's headquarters in Seoul, the chairman said auto sales would be around 4.85 million units this year, compared to 3.97 million units worth 60 trillion won last year.
Chung, in his speech, said Hyundai Motor is projected to sell 3.11 million units worth 46 trillion won and Kia Motors expects to sell 1.69 million units worth 23 trillion won this year, bringing the total to 118 trillion won. Hyundai's sales target is up 21.1 percent from last year and Kia's target is up 14.6 percent from last year.
Last year, Hyundai Motor sold 2.60 million cars worth 41 trillion won and Kia sold 1.37 million cars worth 19 trillion won.
Hyundai Motor plans to expand its sales by increasing the quality of its cars focused on newly emerging car markets such as India and China,
in addition to the existing markets in the U.S. and the EU. The auto company is about to complete its second car plants in both India and China this year, along with those being built in the U.S. and the Czech Republic. The company will begin construction of a car plant in Russia this year.
Chung stressed that the group should meet its targets through strengthening its capacity to lead markets around the world, explore new car markets and build a new labor-management culture for smoother operations, especially for its plants at home.
He said the group should enhance its marketing capacities and upgrade its brand power to maximize its car sales. Marketing efforts should be expanded in emerging markets and branding efforts increased in advanced markets such as the U.S. and the EU, Chung said, adding that productive labor-management relations are a priority and therefore should be continuously developed.
Chung also stressed that funds for Hyundai Steel must be provided in time to avoid difficulties in building the blast-furnace steel mill, which is expected to boost the synergy between group affiliates as well as create more jobs. nw

Chairman Chung Mong-koo of Hyundai-Kia Automotive Group.

Detroit's Centennial Motor Show

Hyundai, Kia and GM-Daewoo debut new cars at the Motor City's annual display

The annual North American International Auto Show raised its colorful curtains for the 100th time on Jan. 12 in Detroit, Michigan, the first of the top-three auto expos in the world, including the Frankfurt and Tokyo motor shows.
True to its tradition of displaying the latest vehicles for the new year ahead of any other automotive exhibition, some 28 new models by 87 complete carmakers from around the world debuted at the show.
The buzzwords at the show this year are bio-fuel, ethanol, light vehicles, hybrid, environmentally-friendly cars and cross-over vehicles, breaking down the wall in the sports utility vehicle segment.
Korean carmakers were among those who displayed new models in Detroit.

Hyundai Motor debuted its Genesis sedan, which will be introduced in the U.S. market in June this year. Many attendees gathered at the Hyundai booth, in a show of the enthusiasm that car buyers in the U.S. have for the Korean automaker's first premium car.
An American executive with Hyundai Motor America said the new model is comparable to the BMW 5 Series in function and its interior compares favorably to the BMW 7 Series, while the price is similar to that of the BMW 3 Series. Hyundai Motor President Lee Hyun-soon said the price of the Genesis will be higher than the BMW 3 Series. He said many at the company in Seoul agree that the price should be more than $40,000, but the company will make the decision on price in early April.
Lee said the government should offer more incentives to encourage the development of environmentally-friendly diesel cars.
Kia Motors President Chung Ui-son personally introduced the Mohave, the company's SUV, at the motor show and announced the signing of a partnership with the NBA. He said the Mohave shows the future direction of Kia cars as the new standard for SUVs.
GM-Daewoo Motor President Michael Grimaldi told the press that the company's new light car model, the Bit, will make its U.S. debut this year, but the final decision would depend on the U.S. consumers'reactions to the new Mercedes Benz's small car, the Smart.
The Big Three automakers in the U.S. introduced environmentally-friendly cars. GM displayed two models of concept cars.
The Hummer brand, a strong off road vehicle, showed its environmentally-friendly emphasis on ethanol as a fuel with the Hummer HX. The new model has attracted special attention because a Korean engineer, Kang Min-young, participated in designing the new model.
America's top three will be doing their best to convince their home market customers that they should be flocking to their showrooms. GM is smarting from recently having been overtaken as the world's biggest auto manufacturer by Japan's Toyota, but it is countering with some very significant new models and concepts. Yet, it is Ford that takes the lead with the new F150 pick-up, America's best-selling vehicle, getting a conservative overhaul to keep it up to date against its GM and overseas'rivals. A new Explorer America concept will show fuel saving features from the blue oval, though as worthy as these are, it's likely to be the GM booths that attract greater attention at the show.
GM is showing off its Cadillac Escalade with hybrid technology, but it's more likely that the high-performance version of the CTS-V will be the bigger draw than the fuel-saving SUV. It's expected to boast in excess of 500bhp. Impressive as that might sound, it's the Corvette stand that will have the power-junkies salivating. The new ZR1 features a supercharged 6.2-litre V8 engine, which will deliver 620bhp. Corvette is so proud of the ZR1's engine that there is a viewing area in the carbon-fiber hood to allow you to see it. This monstrous 'Vette should frighten its significantly higher-priced competitors.
Perhaps one of the show's biggest stars will be at the Chevrolet booth. Although the Camaro has been rolled out as a concept car more times now than most can remember, it was finally shown in its production guise. Not that you'd really spot the differences between it and the concept, which is no bad thing, either, as it looks absolutely fantastic. Even with Ford giving its Mustang the "Bullitt"treatment, it's unlikely that muscle car fans will have eyes for anything but the sensational Camaro. nw

An executive of Hyundai Motor America explains the advantages of the Genesis, Hyundai Motor's new sedan at Detroit Motor Show Jan. 12.
Kia Motors'new Mohave SUV is being introduced at Detroit Motor Show surrounded by cheerleaders and NBA basketball players at Detroit Motor Show. Kia Motors and the National Basketball Association signed a partnership agreement, which was announced at the motor show.