Hyundai is considering building another plant in the United States to meet rising demand for the South Korean company's vehicles, its top US executive said on November 11.
"We are looking at the situation very, very carefully," said John Krafcik, president and chief executive officer of US operations. The South Korean automaker has experienced strong growth in recent years as it expanded its product offerings and benefited from savvy marketing campaigns and trouble at its competitors.
Sales are up 20.5 percent so far this year while its market share has jumped to 5.2 percent from 2.98 percent in 2008, when auto sales collapsed following the financial crisis that pushed General Motors and Chrysler into bankruptcy. Hyundai's sister company Kia has posted a 35 percent jump in sales so far this year, while its market share has risen to 3.8 percent from 2.02 percent in 2008.
Krafcik said Hyundai's US dealers could easily sell more vehicles but are hampered by shortages of the company's most popular vehicles. The CEO cautioned that Hyundai has shifted its focus in recent years, and he couldn't predict whether the South Korean company's top management was prepared to build a second assembly plant in the United States.