Hyundai Motor chief suggests new models to overcome crisis

Hyundai Motor Group Chairman Chung Mong-koo has urged the introduction of new car models that meet European consumers` needs to overcome the economic slowdown and strengthen the carmaker’s presence in the European market.

On a visit of Europe, Chung said this Wednesday while touring Hyundai`s assembly line in Nosovice, the Czech Republic, and the headquarters of Hyundai Motor and Kia Motors in Frankfurt, Germany. After being briefed on business and sales strategies in the region, the chairman said, “We will get an even bigger opportunity if we`re well prepared with response measures against the impact of the European recession.”

“While our foreign rivals suffered losses amid the global financial crisis in 2008, we saw sales grow on the back of creative and aggressive marketing,” said Chairman Chung. “Use aggressive marketing strategies so that competitive models such as Hyundai’s i40 and Kia’s newly released Pride can spearhead the group’s sales in the European market.”

Chung said these two key models will help his automotive group further penetrate the European market and boost global sales.

Hyundai-Kia accounted for just 2.1 percent of the European market in 2002, but its market share climbed to 4.8 percent in units sold (444,926) between January and August this year.

Chung will also visit the Frankfurt Motor Show that runs until Sunday before returning to Korea.

A Hyundai source said, “For the first time in eight years, Chairman Chung will attend an overseas motor show to observe new technologies and the designs of global carmakers.”

alwaysj@donga.com