Korean Car Makers Eye 9% of Global Market

HYUNDAI Motor Co, South Korea's largest auto maker, and affiliate Kia Motors Corp aim to almost double their global market share by 2010 after increasing overseas capacity.

 

Hyundai and Kia aim to take 9 percent of the global auto market by 2010, up from 5.5 percent in 2007, the Seoul-based firm said in an e-mailed statement yesterday. The two firms will be able to build more than 6 million vehicles globally by 2010, compared with 5.3 million this year, Bloomberg News said.

 

Chairman Chung Mong Koo plans to build factories in Russia and Brazil to meet growing demand in emerging markets, following the addition of new plants in China and India. Hyundai will open a factory in the Czech Republic later this year while Kia's plant in the state of Georgia in the Untied States is due to start operations next year.

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