Though Hyundai has set its sights on some sales gains in 2014 in the European market, the automaker has no plans to defend market share to the death, opting for repeat business rather than taking the Germanic approach of volume at all costs.
Hyundai’s European COO Allan Rushforth told Automotive News that the automaker is shifting from being a conquest brand to a loyalty brand, offering financing options for their European customers as one incentive in returning. Rushforth noted that Hyundai’s approach is on the cautious side, due mainly to the current competitive environment maintaining its stranglehold on the market for the foreseeable future.
In the meantime, Hyundai aims to offer 22 new or updated models to the European auto market by 2017, such as new versions of the i10 minicar and Genesis sedan, with the goal of boosting their market and mind share to 5 percent. They also plan to build 90 percent of their European lineup in factories all over the continent by then, with 70 percent of the lineup’s components to be derived from local sources.