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(From The Korea Herald)
This is the third of a five-part series about how Hyundai Motor Group went global as part of their efforts to become one of the top-five automakers in the world. - Ed.
By Kim Mi-hui As far as Hyundai Motor Co. is concerned, if North America and China are important for the market they currently offer, then Europe and other parts of Asia are valuable for their potential.
Exports to Europe are soaring at such a rate that it is likely to come out as the second-largest auto export market this year after the United States. Prospects are only brighter when considering the European Union is due to expand significantly next year.
Asia, including China, on the other hand, holds an even bigger promise of eventually becoming the No. 1 market, albeit this may take some time, with collective demand forecast to rise to over 1 million vehicles per year.
Hyundai Motor, Korea's top and the world's eighth-largest auto manufacturer, is not sitting by idly watching these changes. It has launched aggressive efforts to establish its position in these key regions, among them building research and development centers, expanding production facilities and launching marketing drives.
Speeding in Europe Having shipped its first batch of cars, made up of Elantras, to Europe in 1990, Hyundai Motor has seen rapid growth in the market, selling 350,000 units through last year. During the first eight months of this year, the company moved 197,513 units, up 13.4 percent from the same period of …