Hyundai-Kia on Target to Produce 3 Million Cars Overseas in 2011
The Hyundai-Kia Automotive Group is expected to see its annual production at overseas plants exceed 3 million vehicles by the end of the year for the first time, the Korea Automobile Manufacturers Association said on Sunday.
It is also forecast that the group’s overseas production will surpass domestic production next year.
The KAMA said that the group produced 2.88 million cars at its overseas plants for the first 11 months of this year, up 21.8 percent over the same period in 2010. If this pace keeps up, the figure will exceed 3.05 million by the last day of the year. It hit the 1 million mark in 2006 and passed 2 million last year.
With the expansion of its overseas plants, the group saw its overseas production outpace its exports from home for the first time in the second half of this year. As of November, 2.88 million cars were manufactured in its plants overseas, compared to 2.85 million produced domestically for export, and the trend is likely to continue.
The KAMA forecast that overseas production by Hyundai and Kia will rise 9.8 percent on-year to 3.35 million cars in 2012.
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