Hyundai Motor Co., Ltd. announced on Wednesday that it has allocated 600 billion won (approximately $653 million) over the past three years to research and expansion initiatives. Of this amount, two-thirds has been directed toward the development of new commercial vehicle engines and system upgrades. The company is aiming for significant growth in its passenger car and truck sales, projecting a 33% increase to reach 80,000 units by 2010, with a target of 100,000 vehicles by 2012.
This year, Hyundai expects to sell around 20,000 passenger cars and trucks. As part of its long-term strategy, the company is working to capture 10% of Japan's premium passenger car market. Additionally, Hyundai buses are priced between 20% and 30% lower than their Japanese competitors, giving them a competitive edge in cost-sensitive markets. This strategic focus on innovation and affordability is expected to strengthen Hyundai’s global presence and market share in key regions like Japan.
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