SEOUL, Dec. 1 (Koria Bizwire) - Hyundai Motor Group Chairman Chung Mong-koo will meet with heads of overseas sales units in mid-December to discuss sales tactics and future business plans in global markets, industry sources said Tuesday.
During the meeting to be held at its headquarters in Seoul, around 60 heads of sales units of Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. will gather and exchange opinions on the latest market trends and sales plans for next year, according to the sources.
During the meeting, which is usually held twice a year, in July and December, Chung is expected to emphasize the importance of effective marketing and investment in brands, the sources said.
The December meeting for this year draws more attention as slumping demand for vehicles in China and other emerging markets is feared to hurt the annual sales target of the world’s fifth-largest auto giant.
Hyundai Motor and its smaller affiliate Kia Motors aim to sell 8.2 million cars this year, a 2.4 percent rise from 2014.
During the January-October period, the two car makers sold a combined 6.45 million units at home and abroad, down 1.4 percent from the same period the year before. Market watchers say it will be hard for them to achieve the annual target.
Hyundai and Kia are facing a marked decline in demand in China, where they have to face fiercer competition from homegrown rivals armed with cheap product lineups. In a bid to stem a prolonged sales slump, the two car makers earlier announced deep price cuts for their major models in China.’