Hyundai-Kia aims to be among top 5 global carmakers

Hyundai-Kia Automotive Group says it is determined to cement its position as one of the world's top five auto companies next year.

Global sales of the Korean auto giant ranked as the world's sixth largest in 2008, following America's Ford. But this year Hyundai-Kia is expected to break into the top five as it sold nearly 2.2 million cars, stepping ahead of Ford and ranking fifth in the first half of 2009.

Japan's Toyota topped the list, followed by General Motors, Volkswagen and Renault Nissan Alliance.

The Korean carmaker plans to raise its global auto sales by 16 percent to nearly 5.4 million units in 2010.

The company's high ambitions are based not only on confidence in the quality of its products and high name value, but also because of an expanding overseas production capacity.

The manufacturer built a second plant in Beijing last year and a factory in the Czech Republic three months ago while construction is underway for a plant in Atlanta, Georgia, scheduled to be completed next February.

Meanwhile it plans to build another plant in Russia in 2011 as well as in Brazil and Beijing next year. This is projected to enhance the firm's production capacity to more than 6.3 million units per year.

But experts warn that it may not be easy for Hyundai-Kia to achieve its goal next year as American and Japanese automakers are gearing up to make a rebound after reeling from the global financial crisis.

Meanwhile the group's sales are said to be gaining ground in the U.S. Sales of Hyundai Motor in November rose by over 45 percent year-on-year to more than 28,000 units while Kia Motors' sales increased by 18 percent to nearly 18,000 units.