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Hyundai, Kia Expect Slower Growth in 2012

But sales still likely to top 7 million, says top exec.

by on Jan.04, 2012

Despite strong demand for products like the Elantra, Hyundai expects its growth to slow in 2012.

It’s been a whirlwind for Korean carmakers, Hyundai and Kia both posting double-digit global growth in 2011 as they’ve landed one successful new product after another.  But senior company officials warn that the Korean powerhouse likely can’t keep that torrid pace going in 2012.

It’s not that the days of sales growth are over, but Hyundai Group Chairman Chung Moon-koo says the maker has to focus on other things – like quality – rather than growth alone.

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“We will strengthen quality management we have continuously pursued,” the 73-year-old executive declared during a New Year’s speech to Hyundai/Kia employees.

Nonetheless, Hyundai and sibling Kia don’t expect to just tread water in 2012.  Chung expects to record a 6% increase for the company, now the world’s fifth-largest automaker, which would push its global volume to 7 million.