The Hyundai Motor Group is adopting a two-track strategy to increase its presence in the European automobile market, which is showing some signs of recovery these days.
Specifically, it is going to pursue quantitative growth by means of strategic models like the i10 and the New Ceed, while going for qualitative growth with the new Genesis and the All New Soul. The plan is regarded as a follow-up of Chairman Chung Mong-koo’s comment made last month. He said during his visit to Europe, “With the European car market on a recovery track, we need to strengthen our brand reliability with Europe-oriented, high-quality vehicles by putting greater efforts on the production side.”
The group held a press conference on November 5 (local time) at Kia Motors’ European branch located in Frankfurt, Germany and announced that Hyundai and Kia will increase their local market share to at least 5% and 3% by 2017, respectively. If the goal is met, Hyundai can beat Ford and BMW to become the fifth-largest carmaker in Europe following Volkswagen, Renault-Nissan, Peugeot Citroen, and GM.