Europe’s fastest-growing brand, Kia, intends to abandon the budget car segment in its bid to become one of the top five global competitors by 2010.
Europe’s fastest-growing brand, Kia, is abandoning the cheap car segment in its bid to become one of the top five global competitors by 2010.
Working with its partner, Hyundai, Kia will introduce 16 new products over the next three years and won’t compete at the bottom of the market anymore, according to .
“We feel that there is no future in being the cheapest product,” said Kia Motors Europe vice president Jean-Charles Lievens.
In future, Kia wants to be perceived as a “younger, friendly and sporty” carmaker, while Hyundai will remain the mainstream brand. Kia aims to more than triple European sales to 300 000 in 2005 from 90 000 in 2002. Annually, Kia currently produces 1,2 million cars while Hyundai produces 2,1 million cars.
By 2007, Hyundai-Kia wants to reach 4,2 million units and another million by 2010. The cars will be produced in Korea, but also in North America, China, India and an eastern European plant likely to be built in Slovakia or Poland.
