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Hyundai Motor Group has set its eyes on the Middle East, one of the fastest-growing markets for the automobile, construction and steel industries.
“We will give our dealers full support in sales in order to meet our long-term sales plan and goals,” said company vice chairman Chung Eui-sun on Tuesday at a meeting of 300 global Hyundai Motor dealers from around the world held in Dubai in the United Arab Emirates.
This was the first time the world’s fifth-largest carmaker had held a dealers’ meeting in the Middle East. Launched in 2001, the annual meetings were held at strategically important markets. In 2014, chairman Chung Mong-koo emphasized the importance of the Middle East, bringing up its status as one of the company’s most important markets alongside Korea, China and the U.S.
Hyundai sold 327,951 cars in 12 countries there in 2014, the highest number since entering the market in 1976.
The Middle East now accounts for 7.7 percent of Hyundai Motor’s sales. Hyundai is the market leader in Israel, Jordan and Syria, while Kia tops the Iraqi market, thanks to the thriving sales of compact sedans Avante and Accent as well as recreational vehicles Santa Fe and Tucson.
The region has become even more important for the group to achieve its global sales goal of 5.05 million units in 2015. The company plans to release target-based high-end models with reinforced marketing strategies and improved service.
The automotive sector has been one of the three main pillars for Hyundai Motor Group to make inroads into the Middle East, next to its construction and steelmaking divisions.
Hyundai Engineering and Construction ― which is already carrying out 22 trillion won worth of projects in Saudi Arabia, the UAE, Qatar, Kuwait, Iraq and Oman ― is hoping that the recent Iranian nuclear deal will open doors for infrastructure, gas and oil plant construction.
Steel imports are also expected to pick up, with Hyundai Steel winning contracts to supply 290,000 tons of high-value materials for a nuclear power plant to be built in the UAE.
“Things aren’t always rosy, with the oil price falling and other factors. But we will strive to take steps ahead and produce good products with our state-of-the-art technology,” a Hyundai Motor Group official said.
By Bae Ji-sook baejisook@heraldcorp.com)
“We will give our dealers full support in sales in order to meet our long-term sales plan and goals,” said company vice chairman Chung Eui-sun on Tuesday at a meeting of 300 global Hyundai Motor dealers from around the world held in Dubai in the United Arab Emirates.
This was the first time the world’s fifth-largest carmaker had held a dealers’ meeting in the Middle East. Launched in 2001, the annual meetings were held at strategically important markets. In 2014, chairman Chung Mong-koo emphasized the importance of the Middle East, bringing up its status as one of the company’s most important markets alongside Korea, China and the U.S.
Hyundai sold 327,951 cars in 12 countries there in 2014, the highest number since entering the market in 1976.
The Middle East now accounts for 7.7 percent of Hyundai Motor’s sales. Hyundai is the market leader in Israel, Jordan and Syria, while Kia tops the Iraqi market, thanks to the thriving sales of compact sedans Avante and Accent as well as recreational vehicles Santa Fe and Tucson.
The region has become even more important for the group to achieve its global sales goal of 5.05 million units in 2015. The company plans to release target-based high-end models with reinforced marketing strategies and improved service.
The automotive sector has been one of the three main pillars for Hyundai Motor Group to make inroads into the Middle East, next to its construction and steelmaking divisions.
Hyundai Engineering and Construction ― which is already carrying out 22 trillion won worth of projects in Saudi Arabia, the UAE, Qatar, Kuwait, Iraq and Oman ― is hoping that the recent Iranian nuclear deal will open doors for infrastructure, gas and oil plant construction.
Steel imports are also expected to pick up, with Hyundai Steel winning contracts to supply 290,000 tons of high-value materials for a nuclear power plant to be built in the UAE.
“Things aren’t always rosy, with the oil price falling and other factors. But we will strive to take steps ahead and produce good products with our state-of-the-art technology,” a Hyundai Motor Group official said.
By Bae Ji-sook baejisook@heraldcorp.com)
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Articles by Korea Herald
