Together, Hyundai and Kia are now the fifth-largest automaker in the world, after global sales grew 15 per cent to 6.6 million vehicles in 2011.
They hope to pass the seven million mark this year and the United States and Europe - both highly competitive, mature markets - are key to that strategy.
In Europe, Hyundai's sales grew 12 per cent last year, while Kia's sales jumped 11 per cent to a combined 692,500 vehicles.
They did even better in the United States, with Hyundai up 20 per cent and Kia up 36 per cent, to a combined 1.1 million vehicles, a new record.
'The American market is so important in terms of psychology for the group,' John Kfracik, president of Hyundai Motor America, told AFP on the sidelines of the Detroit auto show.
Hyundai's initial entry into the United States in 1986 was marred by quality problems, which tarnished the brand's reputation long after the issues were corrected.
The introduction of the industry's first 10-year warranty - compared with just three years at quality leaders like Toyota and Honda - reassured the nation's quality and value-conscious consumers.
Timed at the beginning of a major expansion of Hyundai and Kia's product offerings following the establishment of their first US assembly plants, the warranties helped Korean auto sales explode.
Clever marketing helped Hyundai capture even more market share amidst the deepest economic downtown in decades, when it offered to buy back its cars if new owners lost their jobs.
'We've been known as a value brand. That has been a position that has suited the company's strategy very well,' Krafcik told the Automotive News World Congress on Tuesday.
'We're in the midst of a move to becoming a valuable brand.'
Read More: http://www.skynews.com.au/businessnews/article.aspx?id=707531&vId=
No comments:
Post a Comment