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Hyundai targets 20% sales growth in 2008

Chung Mong-Koo, Hyundai Motors chairman and CEO, has said the company’s global sales will reach 3.11 million units in 2008, a 19.6% increase year-on-year.

On a turnover basis, Hyundai is targeting a 12.2% year-on-year rise in sales to 46 trillion won (£25.3 billion).

Domestic sales are forecast to rise by 8% to 670,000 units while exports will grow by about 4.6% to 1.13 million units. India, China, Turkey and USA are expected to see sales rise by 46% to 1.31 million units.

This year the Hyundai-Kia Automotive Group will see expansion projects completed in China and India while construction work is under way on new plants in the United States and the Czech Republic. Around mid-year, Hyundai is scheduled to open a plant in Russia.

Hyundai saw its worldwide sales in 2007 grow by 4.1% to 2,602,322 units. The biggest percentage gain was seen in the Korean market where Hyundai’s sales were up by 7.6% to 625,275 units.

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