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| January 2 |
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Hyundai Aims for Record Sales, Profits and Research Spending in 2004 |
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(Seoul, Korea) Hyundai Motor Co.'s 2004 sales will rise to a record 31.1 trillion won ($26 billion) from 27.82 trillion won a year ago, Chairman Chung Mong-Koo said today in a New Year's address to employees. Domestic sales for the year ahead are projected at 710,000 units while exports will grow to 1,435,000 for a total of 2,145,000.
To further improve profitability the company will step up the marketing of high value added, high margin vehicles such as the Santa Fe, Sonata and XG and will augment the product lineup with the introduction of two new models this year, the Tucson SUV and NF, the successor to the Sonata.
To further sharpen the company's competitive edge, investment in research and development this year will be sharply hiked to 1.56 trillion won in R&D (equivalent to 5.2 percent of sales), up from 1.21 trillion in 2003. Facility and other investments will be expanded from 1.13 trillion won in 2003 to 1.61 trillion won this year.
For the first time ever, Hyundai's sales will pass the 2 million mark while sales of affiliate Kia Motors Corp. will top 1 million this year. Combined sales for the Hyundai Automotive Group will grow by 17.6 percent to reach 3,360,000 units thus putting the Group firmly on track to achieving its goal of membership in the ranks of the world's top five automakers by 2010.
Last year, Hyundai Motor sold 639,000 domestically and exported 1.26 million units, for total of 1,899,000 units.
"Despite the difficult economic conditions of 2003, we have attained record sales thanks to continuous improvements in our quality control and our efforts to enhance our brand image," said Chairman Chung.
"This year, we'll further strengthen our position by aggressive investment and more determined efforts to defend our domestic market position and to penetrate overseas markets," he added. Chairman Chung outlined four new management policies for 2004 that will help steer the company to its GT-5 goal: the acceleration of global management, maximization of brand value, cultivation of skilled manpower and establishment of sustainable management.
2003 Sales Up 5.3 Percent Over 2002
Despite a sluggish domestic economy, Hyundai closed 2003 with record breaking sales as 627,367 units were sold domestically and 1,337,468 units overseas for a total of 1,964,835 units-an all-time high for the company. The total represents a year-over-year growth rate of 5.3 percent.
While domestic sales dropped by 18.5 percent, the Sonata ruled as Korea's best-selling car for the fifth consecutive year. The Elantra (Avante XD) and Porter pickup truck took the number two and three sales spots, giving Hyundai a one, two, three finish.
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Automotive Group which includes Kia Motors Corp. and over two dozen auto-related subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at http://www.hyundai-motor.com |
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