May 08, 2018 12:33
Hyundai and affiliate Kia have set a combined sales target of 7.55 million cars this year, up five percent from last year amid an ongoing business downturn.
The target is still short of their combined sales of 8.01 million cars in 2015, but they are determined to rebound.
The carmakers have faced rising competition from Chinese rivals, and China's unofficial boycott of Korean goods last year dealt a heavy blow. They also failed to release new models to respond to growing demand for SUVs in China and the U.S., their biggest markets.
Last month, Hyundai rolled out the Encino (Kona in Korea) compact SUV and Kia Zhipao (Stonic in Korea), which helped their sales for the month increase 10 percent on-year.
Prof. Kim Pil-soo at Daelim University said, "To keep up the momentum throughout the year, they need to sell more premium cars in the American market and find new markets in Southeast Asia, as well as solving fundamental problems in productivity, including labor relations."
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