Monday, July 07, 2008 Hyundai Q1 sales exceed 2007 figures
HYUNDAI Motor Company, South Korea’s largest automaker, sold a total of 442,971 units in the first quarter of this year, a 14.3 percent increase from 2007.
First quarter sales—of which 158,227 units were sold in South Korea and 284,744 were exported—were boosted by a better product mix, which was led by higher sales of mid- to large-size sedans.
The company also strengthened its cost competitiveness through its cost-cutting efforts implemented since last year. A weaker won currency also benefited sales.
Hyundai Motor has been able to establish an ideal sales structure that is not largely affected by the economic situation of just one region. The company’s continuous efforts to diversify its settlement currency and cut costs are now showing through its stable sales growth.
The new plant openings in China and India this year will give Hyundai Motor a competitive advantage over global peers by being able to actively respond to rising demand in emerging markets, which are leading the demand in the global automotive industry.
Domestic sales increased 10.9 percent to 158,227 units, led by Hyundai Motor’s first premium sedan Genesis and Sonata Transform, whose engine performance and interior design was greatly improved.
Exports increased 16.3 percent to 284,744 units, led by higher sales of i30s to Europe and rising demand from emerging markets.
Hyundai Motor intends to improve dealer networks and continue promoting its image-related advertisements to raise brand awareness in advanced markets. The company will actively carry out marketing activities in emerging markets to gain a strong foothold on the market.
Hyundai Motor also plans to expand its cost cutting efforts to overseas plants, such as China and India, to achieve global cost competitiveness. (PR)
