S. Korea's Hyundai Motor Announces Record 2007 Sales

Hyundai and its affiliate Kia control more than 70% of the South Korean market.

South Korea's top carmaker Hyundai Motor said Jan. 2 that sales last year rose 4.1% year-on-year to an all-time high of 2.6 million units. Domestic sales gained 7.6% to 625,275 and exports rose 3.1% to 1.977 million.

Hyundai Motor said it was targeting 46 trillion won (US$49.3 billion) in revenue this year with sales of 3.11 million vehicles. Its affiliate Kia Motors aims to post 23 trillion won in revenue on sales of 1.69 million vehicles. Kia Motors sold 1.36 million cars last year, up 8.3% from a year earlier. Domestic sales rose 0.6% to 272,330 and exports climbed 10.4% to 1,088,461.

Hyundai and Kia comprise the world's sixth largest auto group. It controls more than 70% of the domestic auto market and aims to become world number five.

Copyright Agence France-Presse, 2008

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