Hyundai ups sales forecast to 4m on European ambitions

Hyundai Motor Co. said it expects to post sales of more than 4 million vehicles globally this year, stretching its previous target of 3.9 million on higher hopes for the European market.

Unveiling the new generation of the i30 compact at the 2011 Frankfurt Motor Show on Thursday, Hyundai Motor vice chairman Chung Eui-sun said the company is on track to boost sales with the “European” look of i30 and i40.

“Hyundai’s global sales will exceed 4 million for the first time this year. Hyundai is increasingly becoming a local brand in Europe with the popular ix20, ix35 and the new i30 and i40,” Chung told reporters at the motor show.

Hyundai’s market share in Europe was 2.6 percent in 2010, falling short of its 4.6 percent and 6.3 percent share in the U.S. and China. It has 19.7 percent of market share in India. Hyundai aims to boost its European sales by about 10 percent to 400,000 units within this year despite the region’s shrinking consumption.

The market expects the recently approved free trade agreement between Asia’s fourth-largest economy and the European Union to give Korean carmakers an advantage over its Japanese and American rivals.

The new i30 has a shorter tail with a more angular roofline than its predecessor, bringing it closer to the European look.

“We aimed to make it look more upscale than the old i30. We hope to launch it in the Korean market within this year,” a local official at Hyundai Motor said.

In the European market, the revamped i30 will be available with three petrol and three diesel engines. Its power outputs will range from 55 kilowatts to 99 kilowatts.

“When designing the next-generation i30, we used strong, fluid lines to sculpt a car which looks athletic and exudes a sense of constant motion, even when stationary,” Hyundai’s Europe-based Chief Designer Thomas Burkle said.

By Cynthia J. Kim (cynthiak@heraldcorp.com)