Hyundai says no interest in Opel, aims to sell 500000 cars in Europe by 2013

Reuters (Seoul) - South Korea's Hyundai Motor Co said on Monday that it is not interested in buying General Motors Co's European business Opel, and that it plans to boost car sales in the continent by nearly 40 percent by 2013.

German media reported earlier this month that GM was considering putting Opel back up for sale, with Europe's biggest carmaker Volkswagen AG (VOWG_p.DE) and China's Beijing Automotive Industry Holding Co (BAIC) tipped as possible buyers.

GM has yet to comment on the reports.

"We are not interested in Opel," a Hyundai spokesperson said on Monday.

Hyundai aimed to boost vehicle sales in Europe by 10 percent to 400,000 units this year and to half a million by 2013, up nearly 40 percent from 358,284 in 2010, it told Automotive News Europe in the magazine's June 22 edition.

Hyundai confirmed the report.

"Our medium-term forecast is to sell half a million cars by 2013 and beyond that to achieve a 5 percent market share by 2015," Hyundai Europe Chief Operating Officer Allan Rushforth told Automotive News Europe, according to an excerpt from an interview to be published in the magazine's June 22 edition.

Hyundai and affiliate Kia Motors Corp combined last year outsold Toyota Motor Corp to become the biggest Asian auto group in Europe for the first time.

It now hopes a new sales boost, as a free trade deal with Europe is due to take effect next month and phase out tariffs on autos.

Hyundai forecast the overall European market to decline, but plans to boost production at its plant in Nosovice, in the Czech Republic, to about 300,000 units by year-end.

"While the European market is recovering slower than expected, Hyundai is seen accelerating sales with new, competitive models such as i40 as it is in other markets," said LIG Investment & Securities analyst Park In-woo.