According to the September issue of Bloomberg Markets magazine, Hyundai are aiming to oust Toyota to become one of the five largest car manufacturers in the world within the next four years. However analysts say that increasing volume will not be enough and that Hyundai will have to start charging a premium in order to sustain its profits, an obsession that Chairman Chung Mong Koo has had since taking over the company five years ago.
Hyundai Motor Company currently produce 4 million cars annually and they want this to increase 25 per cent to 5.5 million units by 2007. It is not clear whether car production from Kia, a Hyundai owned company, is included in this figure, but with low market share in the US, South Korea’s individual consumer credit card debt and inconsistent global production rates, this is a tall order.
However the South Korean giant which had a 15 percent gain in sales, claimed July was its best U.S. sales month ever and things are no different in Europe where Asian brands continue to take market share from its European rivals. Although in the case of the UK market, Hyundai need to think a little more carefully when choosing names for future models, especially where the Getz is concerned. Perhaps they should listen to its dealer network more in the future. That said, the up and coming Getz facelift and proposal to change the name for Europe to the ‘Click’ should go a long way to resolving that.
Despite the name, the Hyundai Getz is a fine car with generous equipment levels, excellent build quality, bullet proof warranties and aggressive pricing. Add to that the Whatcar? Budget Car 2004 Award and Scottish Car of the year 2004, its been a good start for Hyundai.