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Hyundai to slow rates of growth
Whilst most manufacturers are planning on closing plants, Hyundai are looking for ways to increase production as there is simply not enough cars to meet demand. The Korean mass market manufacturer Hyundai announced record sales for last year having increased global sales by 160%.
Hyundai have become the first Korean manufacturer to reach the top 10 selling cars in the UK with both the i10 and i20 achieving record sales. Both main Korean manufacturers in Hyundai and Kia have had a successful year of sales in 2012.
Fiat have probably had the toughest year in the industry out of all mainstream manufacturers due to the current economic climate in Europe and in particular Southern Europe.
Manufacturers who have had a strong year of sales such as Ford are also planning to close production plants due to the lack of demand compared with rates of production. The main factor in the sucess for Hyundai and Ford compared to that of Fiat is the location of their main customer focus.
Hyundai and Ford have focused on increasing sales in the US and China in order to grow and reach record sales and profitability. However, whilst Ford are reducing production figures, Hyundai are looking to increase their own due to the continued high demand of vehicles coming in from growing economies such as China.
Hyundai have stated their intentions for the next few years and have stated that in the next 12 months they simply will not be able to produce enough new models to satisfy the growing demand and will focus all attention on building the brand and customer awareness. Hyundai are going to focus on the associations that come with the brands name and look to change these for the better ready for another record year of sales in 2014.
The associations that are in question are the issues of quality and reliability as well as safety and comfort. These positive associations that the Korean manufacturer looks to achieve will help increase sales and allow the company to challenge other contenders in the market such as Ford and Vauxhall etc.