Hyundai-Kia Targets 3.13 Million units in 2003

Hyundai Kia Automotive Group became No. 3 in domestic corporate ranking in 2002

Jan. 21, 2003 - Hyundai and Kia are aiming for a combined total sales volume of 3,130,000 units(excluding 150,000 units of KD production)and revenues of 46.8 trillion Korean Won (39 billion US dollars) in 2003. Hyundai Motor also revealed that the total revenues will reach 65.2 trillion Won (54.3 billion US dollars) if the revenues of other affiliated company in the group are added.

With the end of last year, Hyundai and Kia recorded total combined sales of 2.75 million units marking 1.24 million in domestic market and 1.51 million in export market. The growth in 2003 is expected to come from increases in domestic and export sales of 1.36 million and 1.77 million units respectively.

Total sales revenues this year is expected to amount to 46.8 trillion won. The 2003 targets represent increases of 13.6 per cent in sales volume and 13 per cent in revenue. The two companies will also be increasing research and development investment by 49 per cent compared to last year along with other investment areas.

Hyundai and Kia will focus its attention on overseas market as domestic demand is expected to slow down with the government’s tight control on private lending and ending of tax breaks on cars.

“We plan to increase production at our overseas plants this year to strengthen our global sales network to become one of the world’s five leading automakers by 2010.” Chung Mong Koo, chairman of Hyundai Kia Automotive Group, said in the statement.

New models
By sharing the same platform, both companies will develop at least 4~5 different new models every year to maximize synergy effect. And, Hyundai and Kia will make its best efforts to increase its brand value up to the level of world’s top automakers.

Additionally, Hyundai and Kia will continue to improve its operational profitability by increasing sales of its larger, high value models such as Santa Fe, Sorento, Carnival and Grandeur XG etc.

For further information please contact the Hyundai Motor Company Global Public relations Team. Jake Jang, Manager, tel. (82) 2 3464 2117 or e-mail projjk@hyundai-motor.com or Sang-Woo Park, tel (82) 2 3464 2118 or e-mail swpark@hyundai-motor.com

# # #