Hyundai Motor Seeks 31% Sales Growth in China through New Models and Expanded Dealerships

Hyundai Motor, South Korea's leading automaker, aims to increase sales in China by 31% this year, selling 300,000 cars in the world's most populous nation. As part of this plan, Hyundai is launching new models, including the Verna compact car, which will be sold in China under the name "Yashente." The company expects to sell 57,000 Verna cars this year and 70,000 units next year, with plans to expand its dealerships in China to 350 by the end of this year.

Key Takeaways:

• Hyundai Motor aims to increase sales in China by 31% this year, selling 300,000 cars, compared to about 230,000 units sold last year.
• The company will launch new models, including the Verna compact car, which will be sold in China under the name "Yashente."
• Beijing Hyundai Motor Co., a joint venture between Hyundai Motor and its Chinese partner, expects to sell 57,000 Verna cars this year and 70,000 units next year.
• The company plans to expand its dealerships in China to 350 by the end of this year from the current 242.
• In 2005, Beijing Hyundai Motor accounted for 7.5% of China's auto market and was the fourth-largest foreign car seller in just three years after the venture's launch.
• Hyundai Motor's expansion in China is expected to be driven by the launch of new models and the expansion of dealerships.

Statistics:

• 31%: Hyundai Motor's target sales growth in China this year.
• 300,000: Number of cars Hyundai Motor aims to sell in China this year.
• 57,000: Number of Verna cars Beijing Hyundai Motor expects to sell this year.
• 70,000: Number of Verna units Beijing Hyundai Motor expects to sell next year.
• 350: Number of dealerships Hyundai Motor plans to have in China by the end of this year.
• 242: Current number of dealerships in China.
• 7.5%: Market share of Beijing Hyundai Motor in China's auto market in 2005.

Sources:

• Seoul, March 16 Asia Pulse
• Yonhap News Agency