"Selling Like Hotcakes"

Hyundai Motor car sales in China up 55 percent YoY in H1, 70 pct of target for 2009; J.D. Power names Avante (Elantra) top car in compact segment

Hyundai Motor Co. recorded its best first-half sales in China with 257,000 cars sold during the period, up 55 percent YoY, hitting 70 percent of the year's target, the company said recently.
The company sold 47,000 cars alone in June, with its car sales in April and May totaling over 50,000 cars in each month, setting monthly sales records in China, the company said.
The sales record is very significant in that the auto company has the biggest overseas car plant in China with the annual capacity of 1.03 million cars, including 300,000 cars produced annually at its Beijing car plant, which went on stream in April 2008, the company said.
Officials of both Hyundai Motor and its sister auto maker Kia Motors said the super sales records were owed to the excellent quality of the cars and also the host government's policy to support the growth of the country's 10 key industries, which includes the auto industry.
The Chinese government cut the sales tax on cars with 1,600 cc engines or less from 10 percent to 5 percent and also reduced the price of fuel for cars by 30 percent from January this year.
An analyst with LIG Securities and Investment said Hyundai Motor has been taking advantage of the host government's policies for the auto industry better than any other foreign car maker operating in China including GM and Toyota and if the current trend continues, Hyundai would not have trouble selling over 500,000 cars this year.
In the meantime, Hyundai Motor sold 204,686 cars in the first half in the United States, down 11 percent YoY, better than most of its rival carmakers in the largest auto market in the world. Sales in June came to 37,933 cars, down 24.2 percent YoY, Hyundai Motor America said. June sales beat May sales by 2.7 percent, showing three consecutive months of an increase in monthly auto sales for the company.
Sonata was the best selling car among Hyundai cars in the market with 60,481 cars sold, followed by the Genesis selling more than 1,000 cars, bringing its first half sales to 7,308 units. The Elantra, Santa Fe and Accent sold more than 30,000 units each in the first half. HMA's incentives to buyers of Hyundai cars in the U.S. including the company buyback of cars if the buyer loses his or her job within three months of purchase and paying for part of the price of fuel for customers also paid off in expanding sales, the company said.
In the meantime, the Korea Society gave Chairman Chung Mong-koo of the Hyundai-Kia Automotive Group the Van Fleet award name after the late Gen. James Van Fleet, commander of U.S. 8th Army during the Korean War. The Korea Society has been presenting the award annually since 1992. The recipients of the award include such distinguished figures as former President Kim Dae-jung, U.N. Sec.-Gen. Ban Ki-moon, former Chairman Lee Kun-hee of Samsung Group and late chairman of SK Group Chey Jong-hyun, former U.S. Presidents George H.W. Bush and Jimmy Carter, to name just few.
He received the award at the Korea Society's annual dinner held at the Waldorf-Astoria Hotel in New York on June 9. He won the award in recognition of his contribution to boosting friendly Korea-U.S. relations through economic exchanges between the two allies.
J.D. Power and Associates announced on June 22 that Hyundai is the highest ranked non-premium nameplate in the 2009 Initial Quality Study SM (IQS) and is ranked fourth among all nameplates. Hyundai owners had fewer problems with their vehicles than those of any other non-premium car or truck brand.
In addition to Hyundai's strong overall showing, the Hyundai Elantra earned the award for the highest initial quality in the compact car segment. The all-new Hyundai Genesis significantly outperforms the average midsize premium car.
This year's ranking marks the second time Hyundai has been the highest-ranked non-premium nameplate in the last four years, and the second time it finished among the top four overall nameplates, having also achieved these levels in 2006. Highlights this year include a top ranking for the Hyundai Elantra in the compact segment and a top three segment performance for the Hyundai Accent, which ranked second in the highly competitive sub-compact car segment.
The IQS study measures 228 attributes, including the overall driving experience, engine and transmission, and a broad range of defect and design problems reported by vehicle owners.
"Outperforming all of our competitors once again is a reflection of the dedication of all Hyundai team members," said John Krafcik, Hyundai President and CEO. "We're particularly delighted with the strong launch of Genesis, the North American Car of the Year, which surpassed several luxury competitors. We are also thrilled with how well the fuel-efficient Elantra and Accent scored.". nw

A lithium polymer battery that powers the Avante LPi.

A view of an engine for the Avante LPi, the new hybrid sedan developed and marketed by Hyundai Motor.

The Avante LPi, the new hybrid sedan developed and being marketed by Hyundai Motor.