Hyundai Motors, the South Korea based leading car maker, has registered a massive surge in its profits in calendar year 2011. The company’s annual profit stood at $7.22 billion for the year, accounting for a surge of 35.1 percent over the preceding calendar year. With a 14 percent growth in the sales during the year, the sales revenue of the firm was at $69.37 billion for year 2011. The continuously rising demand in the markets like India and US was the major contributor in the Hyundai’s global sales growth.
While commenting on the company’s performance during the last calendar year, Hyundai Motors, Chairman, Mr. Chung Mong-koo said, "In order to achieve the target of 7 million, we have to keep up with fast-changing global trends by setting up an organized cooperation system for better communication among our production facilities and sales locations across the world."
Meanwhile in Europe, the company is in a tough battle with the largest European car maker Volkswagen, aiming to achieve a steep growth of 25 percent in the region by year 2013. In a bid to compete more promptly with its rivals, the company had recently rolled-out much awaited i40 and 3 door Velostar models in Europe.
Globally, Hyundai is 5th largest car maker following GM, Volkswagen, Nissan-Renault and Toyota, at the first four places, respectively. Where as in India, the company is the second largest car maker, following the Indian auto giant Maruti Suzuki at the top spot.
