Amid sagging sales in China and the United States, Hyundai Motor Group has turned more aggressive in Southeast Asia with an aim to pull up its regional share to 25 percent and build a passenger car manufacturing base there, said its vice chairman Chung Eui-sun.
Korea’s top auto-making group hopes to offset losses in the two major car markets through aggressive forays into emerging markets like Indonesia and Vietnam, he told the press at the Consumer Electronics Show (CES) 2018 in Las Vegas running till Friday
To do so, the carmaker will go beyond the commercial vehicles and is viewing a plan to build a passenger car manufacturing plant in one of Southeast Asian countries, he said.
Hyundai Motor and Kia Motors could easily raise their combined market share up to 25 percent in the Southeast Asian market where Japanese cars are currently dominating by differentiating its vehicles from Japanese peers, Chung argued.
“The Indonesian government is interested and we have a partner in Vietnam. We will be able to make foray into the passenger market in the Southeast Asian market in the near future,” he said.
He also was positive about recovering sales of above 1 million mark in the world’s largest automobile market this year.
Following last year’s humiliating retreat in China with sales nearly halving up until the first half, the company has moved design organization to China to make cars more customized for Chinese drivers and roads, he said.
Last year, Hyundai and Kia Motors sold less than 1 million units in China. In 2016, they sold 1.56 million cars.
By Lee Seung-hoon and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]