Hyundai, Kia aim for 10% volume growth

(Bloomberg) -- Hyundai Motor Co. and affiliate Kia Motors Corp., South Korea's two biggest automakers, aim to increase combined China sales 10 percent this year.Hyundai said in a statement that it aims to sell 970,000 vehicles in 2013, a 13 percent increase from last year, while Kia plans to boost deliveries 4 percent to 500,000 units.The carmakers sold a combined 1.3 million units last year, becoming the third-biggest seller in China, behind Volkswagen AG and General Motors. Hyundai and Kia are counting on China to contribute one-fifth of sales volume this year to help counter slowing global growth."Hyundai's target exceeds the 10 percent growth estimate for the auto market in China and shows the company's confidence in the market," said Lee Sang Hyun, an analyst at NH Investment & Securities Co."Hyundai and Kia both will be able to take advantage of the improving auto demand in the country, as China is probably the only major auto market that is expected to see sales growth compared with last year."The combined global sales target for Hyundai and Kia this year is 7.4 million units. The target represents 4 percent growth, the slowest in seven years, and the carmakers said they face challenges from a slowing global economy and intensified competition.China's demand for passenger cars will expand 9.6 percent to 13.9 million units, Hyundai and Kia forecast in the statement. Growth will accelerate from last year's 7 percent pace, triggered by expectations of economic stimulus measures by the new government, the companies said.

Hyundai, Kia aim for 10% volume growth

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