Hyundai, Kia Forecast 10 Percent Growth in 2011

Hyundai, Kia Forecast 10 Percent Growth in 2011

Hyundai and subsidiary brand Kia are poised for more solid growth in 2011 after a huge spike in 2010.

According to the Korean automaker, it is forecasting total growth of 10 percent in 2011 targeting 6.33 million vehicles, up from 5.75 million in 2010.

Of that number, Hyundai sold 3.6 million units for an increase of 16 percent, while Kia managed 2.1 million units for a dramatic 40 percent increase.

Finishing the year as the 5th largest global automaker, these numbers could push Hyundai into the 4th spot and it begins to encroach on territory held by GM, Toyota and Volkswagen.

Aiding Hyundai’s growth is a long list of new products, helped by the value of the Korean Won. Thought to be an achievable goal by analysts, Hyundai is actually limited by its current production capacity. While the majority of growth for the Kroean automaker is expected to come in the U.S. and China, most of its plants are already running near capacity and so until new facilities can be built, Hyundai/Kia will look to limit growth and try to avoid repeating some of the troubles that have plagued Toyota.

[Source: Automotive News]