2014 has been one of the most successful and lucrative sales years in automotive history, as almost every major manufacturer has reported a boom in sales figures.
Yesterday, Hyundai Motor Co. and Kia Motors Corp. announced that they too were experiencing “better-than-expected sales” in Brazil, China, and India. According to them, this surge will help them top 8 million vehicles sold this year, which would be an all-time record.
The success has not been limited to overseas markets, either. Reports indicate that through the first ten months of 2014 Hyundai’s United States’ sales have risen to 607,539 vehicles from 2013’s 601,773. Kia has had similar success with an increase to 489,711 units, which is up from 2013’s 456,137.
The growth comes despite recent limitations that have been placed on to the companies (which are both headed by Chairman Chung Mong Koo) by the government.
According to Bloomberg’s Rose Kim, “[Hyundai and Kia] are struggling with a stronger won that has placed South Korea’s exporters at a disadvantage to Japanese competitors, including Toyota Motor Corp., that are benefiting from the yen trading at a near seven-year low.”
The undeterred success serves as both an example of the companies’ own competence, as well as the booming automobile market.
“The market still does not look rosy,” Chung said in the statement. “Let’s overcome the unfavorable market situation and show our automobile industry’s competence.”