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Hyundai Aims For Half-Million Sales This Year

Korean maker now using lower incentives than Toyota, Honda.

by on Oct.06, 2010

Hyundai is betting demand for the Sonata will only increase with the launch of new turbo and hybrid models in the coming months.

Hyundai expects its sales to exceed 500,000 units for the first time this year with the help from strong sales of the red-hot Sonata.

The percentage of consumers considering a Hyundai product is steadily increasing, according to John Krafcik, Hyundai Motors America president and chief executive officer. The percentage of light vehicle intenders looking for a Hyundai was only 7% at the end of 2000. Today, that has risen to 33%, Krafcik said.

“We’ll set an all-time sales record this year, passing 500,000 units,” he added, noting the increase in sales has been paced by the successful launch of the Sonata, which is winning buyers in the highly competitive mid-sized car segment.

Covering The Beat!

In fact for the four-month period from May through August, the Sonata was the top model shopped market-wide, Krafcik said, citing various industry data.

Hyundai’s market share has continued to grow, he added.  The South Korean automaker’s overall market share is currently 4.8%, more than twice that of Mazda and ahead of Volkswagen, as well.  The expansion has been based a steady growth at the retail level not through fleet sales like some of its competitors.