Hyundai Growth Slowing in Europe

Korean automakers HyundaiHyundaiRepublic of Korea, 1967 > present79 models
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and KiaKiaRepublic of Korea, 1944 > present52 models
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had been doing quite well despite the Euro crisis in Europe. It had been growing in the region while larger automakers shrank around it. Hyundai's situation is beginning to look less rosey though. The company had set a goal of having 5% European marketshare by 2020. Its current market share is about 3.5%. 

"Due to the difficult market conditions in Europe, our goals might have to be adjusted a bit. Next year will be a year of consilidation with moderate growth in Germany," said Hyundai Europe Vice Chairman Allan Rushforth to the German newspaper Handelsblatt. 

The company's goal was to grow from selling 398,000 cars in 2011 to 800,000 cars against 2012. 

While this is bad news for Hyundai, it might be worse news for Europe. If a company who had been excelling despite the poor market conditions is starting to stumble, does that mean that larger, more established European automakers will fall further as well? PorschePorscheGermany, 1931 > present43 models
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has hinted at this possibility by cutting its sales forecasts for next year. 

Hyundai will weather this storm because it has established itself as an international automaker. It is very strong in its home Korean market, and it sold 645,691 cars in North America last year. It is on track to beat that number in North America this year and has sold 479,789 cars there through August. 

Source: Auto, Motor und Sport