South Korea's Hyundai Motor and its affiliate Kia Motors are aiming to sell up to 5 million vehicles in 2008, DPA quoted the sources of the companies as saying Wednesday. The automakers are targeting a more than 21 per cent gain in vehicle sales this year and expect joint sales of 4.8 million vehicles world wide in 2008, compared with 3.96 million units last year. The company's goal is to ascend from the sixth-largest automaker to the top five by 2010 on the back of new models, including the Genesis luxury sedan and the Mohave SUV. Hyundai Motor is aiming to sell 3.11 million vehicles in 2008, up 19.6 per cent from 2.6 million last year. Kia Motors expects sales of 1.69 million units this year, compared with last year's 1.36 million vehicles. For 2008 Hyundai Motor has plans for expansion of its existing plants in India, China and is to build factories in the US, Russia and Czech Republic. Hyundai and Kia's production capacity in overseas markets will rise 75 per cent to about 3.03 million units by 2011 from 1.73 million in 2007, according to the companies. The two automakers can currently manufacture 3 million vehicles domestically.
