Hyundai Motor Plans to Focus on "Green" Cars
Korean carmaker Hyundai Motors announced its new marketing strategy that will focus on manufacturing environment-friendly vehicles. The automaker said it will spend $6 billion this year to make "green" cars despite the ongoing global recession that has damaged the car industry especially in the US where General Motors and Chrysler were given government financial assistance to keep its finances afloat.
Carmaker giant Hyundai Motor recently announced it will invest nearly $6 billion for manufacturing environment-friendly vehicles despite the ongoing global recession which greatly hit the car industry especially in the US.
The Hyundai Motor and its affiliated company Kia Motors Corp said it will spend 9 trillion won or an estimated US$5.9 billion before the year ends to meet the growing demand and popularity of “green” cars among consumers.
According to a Hyundai official, the company will spend nearly $4.5 billion to make new facilities while the remaining $1.5 billion will go to research and development for “green” technology.
Hyundai also said it will continue to allocate a huge portion of its investments to create hybrid car models for the next couple of years.
Earlier report said that Hyundai’s US sales rose by 10 percent but its global revenue slumped to 27 percent in 2008.
According to analysts, the Korean company’s financial condition is still relatively healthy unlike automakers in the US and Japan where car sales dropped to record-low due to weak consumer demand. Meanwhile, experts attributed the impressive performance of Hyundai to its cheap car models that allow people to buy its products despite gloomy financial outlook.
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