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Yesterday, Hyundai Motor Group said it is expecting to raise its U.S auto sales by 18.2 percent this year to 1.06 million vehicles, an improvement from a previous target of 1.01 million.
Hyundai would to sell 624,000 units and Kia with 433,000 in the U.S. Both South Korean automakers are experiencing fast growth in the U.S market with a combined share reaching 10.1 percent as of May from 7.7 percent in 2010 and 3.3 percent in 2001. The launch of the Hyundai Veloster and the Kia Rio subcompact in the U.S are to help maintain the sales momentum of both companies.
Chung Mong-Koo, charman of the Hyundai Motor Group, announced the sales increase while visiting the U.S, which may be linked to the possible construction of a second plant to meet booming demand in the world’s second- largest auto market.
Back in 2000 Hyundai Kia CEO Chung Mong-koo refused a request by the company’s chairman, and his own father, to step down from the top post of the Korean automaker. Today, Mong-koo is getting the respect he rightly deserves, after being named Asia’s top automotive business leader by Automotive News.
The industry publication sited Hyundai’s quality improvement and expansion into new segments as part of the reason for Mong-koo’s award. This in turn has allowed Hyundai to increase sales globally and increase market share. Automotive News even said he had transformed Hyundai into a “superpower.”
Hyundai Motor America CEO John Krafcik was also awarded the honor of being AN‘s top U.S. executive at an Asian automaker.
In other markets, awards went to Volkswagen chairman Martin Winterkorn as the top European automotive CEO, while Ford’s own Allan Mulally was named the top auto exec for an American automaker.
[Source: Korean Herald]