(2nd LD) Hyundai, Kia aim for 17 pct rise in 2010 sales

(ATTN: ADDS details, analyst's comment, share price from para 8)
SEOUL, Jan. 4 (Yonhap) -- Hyundai Motor Co. and its affiliate Kia Motors Corp.
said Monday they plan to increase global sales this year by 17 percent, helped by
a global economic recovery and introduction of new models.

Hyundai and Kia expect their combined sales to rise to 5.4 million vehicles in
2010, compared with 4.63 million units sold last year, the two companies said in
a joint statement.
Hyundai Motor Chairman Chung Mong-koo said in his New Year message that the auto
conglomerate aims to become one of the world's top-class automakers this year.
"Last year, Hyundai and Kia laid the foundation stone to emerge as world-class
automakers," Chung said in the statement.
"Based on the achievements last year, let's make 2010 a year of making new
history for Hyundai and Kia," Chung said.
Despite the global economic slump last year, Hyundai and Kia did better than
their Japanese rivals, because of the local currency's weakness.
In the third quarter of this year, Hyundai posted a record high quarterly net
profit of 979.2 billion won (US$845.2 million), thanks to the won's weakness and
rising sales in the United States, China and emerging markets.
Kia also posted its biggest-ever quarterly profit of 402 billion won for the same
quarter.
While the won's gradual increase in strength expected for this year may hurt
profits at Hyundai and Kia, analysts didn't expect the currency fluctuation to
pose any major threat to the Korean auto conglomerate.
Suh Sung-moon, an auto analyst at Korea Investment & Securities Co., said Hyundai
would continue to see its sales rising this year as it plans to sell at least
four new or revamped models in China and the U.S. in the coming months.
"Last year, Hyundai Motor's global market share was estimated at 5.1 percent, and
is likely to rise to 5.4 percent this year," Suh said, raising Hyundai's
six-month target price to 170,000 won from 150,000 won.
This month, Hyundai plans to start selling a revamped Sonata sedan, the company's
flagship model, in the U.S.
Shares of Hyundai Motor fell 1.65 percent to 119,000 won in late morning trading
on Monday on the Seoul bourse.
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