MOSCOW Hyundai Motor Co. is hoping to push up sales in Russia by 27 percent to 75,000 units this year.
It is looking to strengthen its position in Russia through localization strategies, which include a new lineup of vehicles designed specifically for the market.
The company plans to produce a new small vehicle, known by the project name RBr, at its St. Petersburg plant next year. Hyundai is hoping the model will play a significant role in improving its brand image and make the most of a recovering market.
Hyundai, the third-largest imported brand in Russia, recorded a year-on-year growth rate of 15 percent for the January-to-August period.
The company’s target is significantly higher than an estimated 17 percent growth for Russia’s overall car market, Hyundai Motor CIS sales and planning director Oh Jae-woon said. The Russian car market is expected to reach 1.71 million units this year.
Russia became Europe’s second largest automotive market in 2008 with about 2.94 million automobiles sold, before sales plummeted to about 1.48 million units last year amid the global financial crisis.
As the overall market suffered, Hyundai’s sales in Russia fell to 59,200 units in 2009, from the nearly 192,000 units recorded in the previous year. Hyundai’s Russian partner for assembly of knock-down kits was also said to have been pushed to the brink of bankruptcy, resulting in a 90 percent fall in the sales of such vehicles.
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