VW is not the only global carmaker that has ambitions of world domination, South Korea’s Hyundai and Kia would also like to see that happen one day.
But while VW is closer than ever to dethrone Toyota as the world’s largest carmaker, Hyundai and Kia are taking it one step at a time. The two sister companies have announced they expect record sales of 8 million vehicles this year, thanks to better-than-expected sales in Brazil, China and India. Vehicles like the Tucson and Santa Fe SUVs (pictured) have helped drive deliveries.
As a result, combined sales of the two automakers will beat their 2014 sales target of 7.86 million vehicles after selling 6.55 million units in the first 10 months of this year, parent company Hyundai Motor Group said in a statement. For comparison, VW sold 9.73 million vehicles in 2013 and ranked second behind Toyota, which sold 9.98 million units.
Despite unprecedented sales, Hyundai and Kia are struggling with a stronger won that has placed South Korea’s exporters at a disadvantage to Japanese competitors that are benefiting from the yen trading at a near seven-year low.
“The market still does not look rosy. Let’s overcome the unfavorable market situation and show our automobile industry’s competence,” Hyundai Motor Group chairman Chung Mong Koo said in the statement.
In the 12-month period that ended September 30 the won gained 1.8 percent, the strongest performance against the dollar among major currencies. During the same period, the yen lost 10 percent of its value.
Story references: Bloomberg
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