Filed under: Hyundai, Kia, Earnings/Financials
Hyundai and
Kia are on a sales charge in 2014, and parent company Hyundai Motor Group is increasing projections to a record eight million combined units for the automakers by the end of the year - a bump over the original target of 7.86 million vehicles.
According to
Bloomberg, the
key to the growth is beating expectations in Brazil, China and India, and strong crossover sales are also helping the bottom line. In the US, both automakers are doing well this year. In October, Hyundai saw a six percent dip in monthly sales, but through the first 10 months it sold 607,539 vehicles, compared to 601,773 at this point last year. Kia has done even better with 489,711 units sold from January to October, versus 456,137 for the period in 2013.
The good news is a welcome antidote to negative headlines like
investors' anger over Hyundai's $10 billion land purchase in Seoul, South Korea. The two automakers also had to pay a $300 million penalty to the
Environmental Protection Agency for
misstating fuel economy on some models.
While sales may reach a new record, profits might not grow as much with them. The strong Korean won means that Hyundai and Kia have a tougher time keeping up profit margins compared to Japanese competitors with a weaker yen.
Hyundai and Kia to hit record 8M sales for 2014 originally appeared on Autoblog on Mon, 24 Nov 2014 18:30:00 EST. Please see our terms for use of feeds.
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25-11-2014, 02:50 AM
