Hyundai Motor Co. and its sibling Kia Motors Corp. are collectively heading for an all-time sales record of 8 million this year.
On the downside, Hyundai is facing serious pressure on earnings as the Korean won gains strength. That creates a disadvantage when compared to Japanese rivals who have watched earnings soar on the weak yen.
“The market still does not look rosy,” Chung Mong Koo, who serves as chairman of both Hyundai and Kia, said in the statement. “Let’s overcome the unfavorable market situation and show our automobile industry’s competence.”