Hyundai is targeting sales of 6.33 million cars in 2011. (Photo: Reuters)
Hyundai Motor Group, South Korea's top automaker, aims to boost vehicle sales by 10 per cent this year but growth is expected to ease from 2010's 24 per cent expansion due to an uncertain global economic outlook.
The global auto industry showed a solid rebound until the first half of 2010 from the industry's worst ever downturn, but has since started losing steam because of the euro zone debt crisis and as the U.S. economy struggles with weak consumer spending.
China, a major bright spot, is also expected to face slower growth after the end of tax incentives for small cars starting this month, although its growth is expected to remain relatively high compared with mature markets.
Hyundai, the world's No.5 auto maker along with its affiliate Kia Motors and one of the top performers during the crisis and sales slump that followed, will continue to outperform its peers and gain further market share, driven by new models and its strength in compact cars, analysts say.
Hyundai said on Monday it was targeting sales of 6.33 million cars in 2011, up 10 per cent from 5.75 million units sold in 2010.
It did not give a breakdown of Hyundai and Kia sales and is due to report detailed December sales results later in the day.
Shares in Hyundai rose 43 per cent last year and Kia jumped 152 per cent, easily beating a 22 per cent gain in the wider market.