Hyundai Motor is forecasting a double-digit
increase in sales for 2008 on expanded overseas production and
The South Korean automaker says global sales this year will total
3.11 million vehicles, an increase of 19.6 per cent from 2007.
The company says that will generate US$49 billion in revenue in
That's an increase of 12.2 per cent from the year before.
But analysts say Hyundai's 2008 sales forecast appears too
optimistic given economic uncertainties related to the impact of the
subprime mortgage problem in the United States.
Hyundai, along with affiliate Kia Motors, is the world's
sixth-largest automaker and has ambitions to crack the top five by
The companies are expanding aggressively overseas.
Hyundai already has plants in China, India, Turkey and the U-S
and is building another in the Czech Republic.
Company official Jake Jang says a second factory in India, which
started production last year, is expected to hit full capacity early
He says Hyundai's second Chinese plant will start up in May.
Hyundai, which has been seeking to raise its profile, is an
official sponsor of the Super Bowl football game this year for the
As part of an image makeover, the company plans to introduce the
Genesis, a new luxury car meant to compete with the likes of
Hyundai says the vehicle is set to go on sale in South Korea this
month, with launches in China and the U-S during the first half of