Hyundai Motor Co. and Kia Motors Corp., South Korea’s largest automakers, forecast sales to climb 4.7 percent this year as they count on new model introductions to counter intensifying competition amid global uncertainties.
Hyundai and Kia are targeting to deliver a combined 8.25 million vehicles in 2017 from 7.88 million units a year earlier, according to regulatory filings. That compares with the 8.24 million units average estimate of five analysts surveyed by Bloomberg News. Hyundai expects to deliver 5.08 million vehicles, while Kia sees 3.17 million vehicle sales this year.
The two companies are counting on new plants in China and Mexico, where they will gradually raise output, and introduction of models including a sport utility vehicle to attract buyers. Executives at carmakers across the world are looking for clarity on the policies U.S. President-elect Donald Trump will adopt in the world’s second-largest auto market as he has said his agenda will be based on the principle of putting America first from “producing steel, building cars or curing disease.”
“Amid slowing global economic growth, uncertainties are rising more than ever as trade protectionism spreads and competition intensifies in the auto industry,” Chairman Chung Mong-koo, said in a statement issued to employees. He urged “swift and flexible” responses to the uncertain business environment.Read More...
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