Expanding Global Market
The milestone is all the more significant considering the slowing global economy. At a time when the U.S. market is contracting, Hyundai Motor America managed a 4.5 per cent sales increase this year, selling 365,000 units as of the end of November.
Hyundai came very close last year to the one million mark when it exported 985,000 units. To reach the $10 billion export mark, Hyundai has been steadily expanding its overseas markets: its cars now sell in 190 countries. At the same time, the average value of Hyundai’s export models has been steadily increasing thanks to rising overseas demand for larger, more expensive cars such as Santa Fe sport utility vehicle and Sonata.
Hyundai Motor Co. is a major engine of growth for the Korean economy: its $10 billion in overseas shipments represent five per cent of Korea’s total exports. Including overseas sales from affiliate Kia Motors, the combined exports equate to eight per cent of the total value of Korean exports.
With 51 per cent of its shareholdings held by foreign investors and a distribution presence in 190 countries, Hyundai Motor is a global corporation in the truest sense and is the world’s seventh largest automaker. On a global scale, Hyundai Motor and its affiliate Kia Motors Corp. provide nearly one million jobs, directly and indirectly.
Last month, fully owned subsidiary Hyundai Motor India produced its 500,000th car. HMI grew from zero to the 500,000 mark and the number two sales spot in India in just five years. In addition to India, Hyundai has a manufacturing presence in China and Turkey. Also, it is currently building a plant in Alabama and will shortly announce the site of its future Central European plant.
By 2010, Hyundai Motor Co. intends to sell on an annual basis three million units domestically and two million units overseas. Achieving that goal would give Hyundai Motor Co. total worldwide sales of five million units per annum and a cherished spot among the world’s top five automakers.