Hyundai is Driven to Surpass Toyota, Says
NEW YORK - South Korean
auto giant Hyundai Motor is battling to rank among the world's five-largest
automakers as soon as 2009. Since taking over the company five years
ago, Chairman Chung Mong Koo has been obsessed with erasing Toyota's
price premium. Hyundai has established a goal of producing 5.5 million
vehicles annually by 2007, an increase of 25 percent from the 4
million produced today, according to the September issue of Bloomberg
In this month's issue
of Bloomberg Markets, senior writer John Lippert and Bloomberg News(R)
reporter Yunsuk Lim, report that Kim Dong Jin, Hyundai's chief executive
officer, realizes that volume alone will not lead to sustained profits
unless Hyundai Motor can also charge premium prices.
The road to global
prominence will not be easy, as Hyundai Motor must overcome South
Korea's individual consumer credit card debt, inconsistent global
production rates and low market share in the United States.
The September edition
of Bloomberg Markets hits newsstands this week and will be available
for sale at all local Borders and Barnes & Noble bookstores and
other local news vendors. Bloomberg Markets is distributed to all
users of the Bloomberg Professional(R) service. Bloomberg Markets
articles are also available to users of the Bloomberg Professional
service via the Bloomberg terminal.