Seoul (dpa) – South Korea's Hyundai Motor Group on Monday set a 2012 sales target of 7 million cars after achieving a record 6.6 million cars sold last year despite global economic turbulence. Although the sales of Hyundai and Kia models by the world's fifth-largest carmaker were predicted to hit a new record, sales growth would slow in 2012, chairman Chung Mong Koo said in a New Year's address to employees in Seoul. The record 2011 sales represented a 15 percent increase from the year before. It was the third year in a row that Hyundai Motor Co and its Kia Motors division have achieved double-digit sales growth. The expansion came especially from rising demand in China and other emerging markets, but Hyundai hopes to step up its game in Europe. The group expects sales growth of about 6 percent this year. “In 2012, growth of the auto industry is forecast to slow down and competition will be fiercer,” Chung said. The group's 30 factories in nine countries, including China and Brazil, would reach capacity this year, Chung said. Hyundai Motor plans to open its third factory in China and its first in Brazil this year. Hyundai Motor saw sales climb 12.3 percent last year to more than 4.05 million cars, thanks to demand from overseas. BM ShortURL: http://goo.gl/EqFlW Tags: Cars, Hyundai, Manufacturing Section: Business, East Asia
