Hyundai sets sights on 20% sales increase

Financial Times - Hyundai Motor yesterday set an ambitious sales target for this year, aiming for a 20 per cent jump in annual sales through increased global production capacity. The Korean group, which is the world's sixth-largest carmaker, is adding plants in China and India. It already has production facilities in the two countries and in the US, Türkiye and Slovakia. Hyundai and its affiliate Kia Motors aim to sell 4.8m vehicles in 2008, compared with an estimated 3.97m for 2007. Hyundai Motor Group, which includes the two carmakers' other affiliates, is targeting 2008 revenue of $126bn, 15 per cent higher than last year.