BOSSES at Hyundai say 2014 will be a year of investment as the Korean firm intends to expand on its current run of success and pave the way for sales growth in 2015.
Hyundai has already ploughed more than £500 million into its European markets and its planned further investments could herald a raft of new models and enhanced quality as it looks ahead to its target of grabbing five per cent of European market share by 2015.
In the last 12 months Hyundai has opened two new facilities: a test centre next to the famous Nürburgring track and the purpose-built headquarters of Hyundai Motorsport in Alzenau, home of the Hyundai Shell World Rally Team.
It has also expanded its headquarters near Frankfurt and its production facility in Turkey, allowing for production of the New Generation i10 and raising the company’s European annual production capacity to 500,000 vehicles.
Currrently 95 per cent of all Hyundai vehicles sold in Europe are designed and developed in the region, and 90 per cent are now built in the Czech Republic and Turkey.
Allan Rushforth, senior vice president of Hyundai Motor Europe said: “The primary aim for Hyundai in 2014 is to continue enhancing the quality of our operations in the region –laying the foundations for a new growth period from the middle of the decade.
“Many European markets are over the worst of the economic crisis, but recovery will be slow, particularly in the first quarter.
“Recovering economies will fuel consumer confidence, helping Hyundai to achieve its qualitative targets and providing a firmer basis for profitability.
“As in 2013, we will continue to develop our sales organically rather than pursuing market share gains at any cost.”
Between now and 2017 customers are set to see the launch of 22 new models and derivatives in Europe with the first model to emerge the new generation i10 and the second, the all-new Genesis was launched in Detroit.