Hyundai to sell 7 million vehicles in 2012

South Korea's Hyundai Motor Group aims to sell 7 million vehicles in 2012, an increase of 6.1% from 6.6 million units it sold globally last year.
The company said it will continue to increase investments in developing environment-friendly vehicles such as hybrid and electric cars to strengthen its global market presence.
Hyundai Motor Group chairman Chung Mong-koo said in order to achieve the 7 million target, the group has to keep up with fast-changing global trends by setting up an organized cooperation system for better communication among its production facilities and sales locations across the world.
"In 2012, growth of the car industry is forecast to slow down and competition will be fiercer," Mong-koo said.
"We have to establish a foothold as one of the global top companies with more solid management.
"The third plant by Beijing Hyundai and an assembly line in Brazil will start mass production later this year, which will complete their global production network with 30 production facilities in nine countries."
The automaker also plans to increase the number of experts and expand investment in developing environment-friendly technologies and a high-end brake system.
The automaker said it would invest a total of KRW14.1 trillion ($12.16bn) in 2012 as part of its investment and employment plan ever, to increase its R&D competitiveness.

The company will invest KRW5.1 trillion ($ 4.40bn) in R&D (compared to KRW4.6 trillion in 2011) and KRW9 trillion ($7.76bn) in facilities (compared to KRW7.6 trillion in 2011).

Of the amount to be invested in R&D, the company will use KRW4.6 trillion ($3.96bn), or 90% on the automobiles sector, to accelerate the development of eco-friendly and fuel-efficient vehicles.

The automaker said that of the investments in facilities, about KRW3 trillion ($2.58bn) will be spent upgrading and building domestic and overseas manufacturing plants for Hyundai Motor and Kia Motors, as well as strengthening their sales and aftersales service networks.