Hyundai and Kia Planning on 8 Million Vehicle Sales in 2014
Kia and its parent company Hyundai have announced that they expect a record 8 million vehicle sales in 2014. The two South Korean automakers have announced they expect to surpass the target 7.86 million units they originally hoped to sell this year.
Thanks in large part to impressive sales in Brazil, India and China, Hyundai and Kia have combined to sell 6.55 million units in the first 10 months of 2014. Should the trend continue, Hyundai and Kia will combine for a record 8 million vehicle sales. That mark would still be below Volkswagen and Toyota’s sales figures (9.73 million and 9.98 million units sold last year, respectively), but would represent a significant step for the Seoul-based automobile manufacturers.
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At the moment, the biggest challenge facing Hyundai and Kia is the stronger won (Korean currency) that is favoring Japanese competitors and their weaker yen over South Korean exporters. “The market still does not look rosy,” said Hyundai chairman Chung Mong. “Let’s overcome the unfavorable market situation and show our automobile industry’s competence.”
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News Source: CarScoops