Hyundai Motor Co., South Korea’s largest carmaker, said Friday that it is targeting to sell 700,000 vehicles in the domestic market this year, up 2.4 percent from 2011.

Hyundai Motor, which sold 683,570 units locally last year, said competition in the domestic market is expected to be fierce this year and a free trade deal with the U.S., expected to go into effect in the next few months, could make foreign-made cars more competitive.

“Imported cars are expected to compete more aggressively for domestic market share so Hyundai must counter by offering consumers premium services and devise new marketing ideas,” Hyundai vice chairman Chung Eui-sun said at a meeting of senior executives in Seoul.

Hyundai, which controlled about 46 percent of the domestic market last year, said it had sold 4.06 million cars worldwide in 2011, up 13 percent from the previous year.

(Yonhap News)