Hyundai eyes sales of 1m units in China
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Hyundai Motor Co, which is driving out of the passenger car market in Japan, has raised sales target in China to 1 million units in 2010, but an analyst cautioned that the figure is over-optimistic.
The target would represent an annual growth in sales of 25 percent from an estimated sales of 800,000 units this year, South Korea's No. 1 car maker said in a statement.
"Because of the robust sales growth in China, we have also raised our global sales target to a record high of 5.39 million units for next year," it added.
But an analyst warned the Chinese auto market is unlikely to repeat the sterling growth this year, which was helped by government stimulus measures to shore up the industry and in turn benefited Hyundai and its Kia affiliate as well as other car makers.
"Hyundai's target for China is over-optimistic," said Wang Liusheng, an auto analyst at China Merchants Securities Co. "The overall market is not likely to repeat the remarkable growth again for next year."
China's auto market expanded 38 percent for the first 10 months of this year to 10.9 million units.
Car makers including Volkswagen AG, Ford Motor Corp and General Motors expect the market to grow about 10 percent to 15 percent for next year as the government has yet to announce whether to extend the incentives.
Sales of Hyundai and Kia vehicles made by their Chinese joint ventures totaled 724,526 in the first 11 months this year and took 10 percent of the market in China, Wu Yanbing, an official from Hyundai Motor (China) Investment, said.
Hyundai's venture with Beijing Automotive Industry Group earlier announced that it would construct its third car plant in Beijing.
