UPDATE 1AUTOSHOWHyundai sees opportunity if U.S. economy weak
(Adds Hyundai estimate for 2008 total U.S. market)
By Chang-Ran Kim, Asia auto correspondent
DETROIT, Jan 14 (Reuters) - Hyundai Motor Co (005380.KS: Quote, Profile, Research),
South Korea’s biggest automaker, expects to benefit from the
precarious state of the U.S. economy as more consumers look for
value propositions in their car purchase decisions, an
executive with Hyundai’s North American arm said on Monday.
“We studied American car-buying habits during these tough
times and found that three out of 10 people indicated they
would hold off buying a car, while another three out of 10 said
they could change their choice to more value-oriented brands,”
John Krafcik, vice president of product and strategic planning
at Hyundai Motor North America, told Reuters in an interview at
the North American International Auto Show.
“For our brand, because of our strong value proposition, it
could provide a boost.”
Krafcik on Sunday told reporters he wanted Hyundai to top
500,000 in U.S. vehicles sales this year, up from 467,000 in
2007. On Monday, he told Reuters that Hyundai’s working
estimate of overall 2008 U.S. car and light truck sales was
15.5 million, versus the 16.15 million sold in 2007.
Krafcik said that Hyundai saw its value appeal to U.S.
consumers would hold true for its first premium sports sedan,
the Genesis, that was unveiled on Sunday at the show.
In line with Hyundai’s strategy of offering more
electronics and other features for less money, the Genesis
would have more interior space than a BMW 7-series with the
riding and handling of a mid-level BMW with pricing at the
3-series camp, Krafcik said.
“We expect buyers of our cars to have the same mindset as
the people who bought the Lexus 18 years ago, when it first
launched,” he said, referring to Toyota Motor Corp’s (7203.T: Quote, Profile, Research)
successful luxury brand. Continued…
