Hyundai turning focus to emerging markets, away from North America, Europe
11/25/2008, 10:13 AM
By Andrew Ganz
Amid the most sluggish new car market in decades, Korean automaker Hyundai says it is turning its near-to-long term focus on emerging markets where growth is expected in the small car market. Hyundai’s Mong Hyun Yoon, director for business strategy, said yesterday that the automaker will concentrate on Africa, China, India, the Middle East and South America rather than its former hotspots of Europe and North America.
“We are afraid 2009 will be very tough year for automakers,” Yoon told members of the media at a conference in Hong Kong.
Yoon said that the automaker will focus on small cars because the weak economy will push people into smaller, more efficient automobiles and out of the larger vehicles Hyundai had been pushing especially in North America.
Earlier this year, Hyundai introduced its first V8 models into the North American market, the Genesis sedan and the Kia Borrego SUV.
Hyundai has lowered its sales target for 2008 to 3.02 million vehicles – down from 3.11 million previously targeted – thanks to dramatically slumping demand in North America and Europe.
11/25, 11:39 AM
posted by:
sxrcamaro
does this mean I don’t have to see as many ugly cars driving around NY thank you!
11/25, 12:35 PM
posted by:
johnnycanuck
No, just the same ugly cars for a longer time.
11/25, 2:18 PM
posted by:
Impulsive
Yup, that’s what happens when everyone buys SHIATTY looking Toyotas and Hondas. Now suffer.
11/25, 3:09 PM
posted by:
Sfiveten
I’m by no means a Hyundai lover but the business model is working….(like the cars or not their market share is growing) and this move is just what they need… though they and all of the auto companies should have been working on moves like this 4 and 5 months ago.
In business it pays to be proactive not reactive (Cough GM!).
Sfiveten
11/25, 3:40 PM
posted by:
nestle_s
i like hyundai vehicles and i agree with what sfiveten has typed. this is a needed move for automakers that know what is going to happen in the next couple of months, or years. smart move by hyundai.
12/05, 12:17 PM
posted by:
jackjimturkey
Makes sense