Carmaker Hyundai plans 22 new models in Europe by 2017
FRANKFURT (Reuters) - South Korean carmaker Hyundai (005380.KS: Quote) plans to roll out 22 new models in Europe over the next four years as it tries to rekindle its once double-digit growth rate.
"We're calling this 'Product Momentum 2017'. These products will help us to sustain our growth and ultimately to achieve a 5 percent market share in Europe," said Mark Hall, head of marketing at Hyundai Motor Europe (HME), during a media event ahead of the Frankfurt car show on Monday.
HME recently pushed back its target of reaching a 5 percent European market share to the end of the decade, from previous guidance for 2016 at the earliest, following a worse than expected decline in the market.
Hyundai's sales growth in Europe has averaged nearly 10 percent in the past two years, lifting its share of the market to 3.4 percent last year from 2.6 percent in 2010.
But in the first half of 2013, volumes dipped by 3.6 percent. Hyundai's European market share was at 3.5 percent, in line with its 2013 target.
Executives at Hyundai said most of the 22 new models will be replacements, like the next generation i10 that premieres this week at the Frankfurt auto show.
One source at the company said, however, that it would also include new products, like a subcompact SUV that is currently missing from its line-up and could debut as early as 2016.
Tempting buyers with new product is important, since Hyundai could eventually face a wave of customer departures.
Many of its cars, like the i10, were bought by price-sensitive customers in 2009, when a host of European governments subsidized the purchase of new cars through scrappage schemes. Continued...