Hyundai aiming 10% growth in 2011

The world's fifth largest auto manufacturer, Hyundai, based in South Korea is targeting 10% hike in the sales of 2011. Though the company has not projected rosy figures in year 2010 but still company plans big for this year by stetting up goal of 10 per cent increase in sales.

As per the industry analyst, because of uncertain global economic outlook, the 24 per cent expansion in 2010 has made growth easy. As per the reports, sales will follow a downward trend as a result of downturn of 2009 but as far as Hyundai is concerned,the company will be able to outperform the market.

The reports say that Hyundai Motor Group has already made a target of 6.33 million units sale for the year 2011 which is a 10 per cent increase from last year's sale of 5.75 million units. After the first half of 2010, the auto market took an up swing globally from the industry's worst downturn ever. But the euro zone debt crisis the effect reduced as the spending of US consumers reduced remarkably.

The report also focused on the Chinese Auto market which was the hot spot last year, it says that the industry is going to face a back jerk owing to end of tax incentives for small car initiating from January 2011. but compared to the developed country's market, it will exhibit better growth.

According to the report, Hyundai Motor Group got the United States market share in 2010, and it supported the company in sales of Hyndai Sonota, the mid-sized saloon which is also the best selling car in America. Whereas the best performer in home market remained Hyundai Avante. Hyundai Group also had to face the risky moments in case of expansion in construction segment as it intend to overtake Hyundai Engineering & Construction for US$ 4.4 billion. The deal was a nightmare as it was scrapped by shareholders of South Korea's top builder.

Read More on : Hyundai Santa Fe price in India