Hyundai 2008 Annual Report Download - page 9

Download and view the complete annual report

Please find page 9 of the 2008 Hyundai annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 71

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71

HYUNDAI MOTOR COMPANY I 2008 AnnuAl RepoRt I 17
>>
MESSAGE FROM THE VICE CHAIRMAN
HYUNDAI MOTOR COMPANY I 2008 AnnuAl RepoRt I 16
IntRo I fInAnCIAl hIghlIghts I MESSAGE FROM THE CEO I to. toMoRRow I to. Best I hyundAI wIth Me I to. doIng I hyundAI wIth honesty I suppleMent I fRoM. hyundAI
Furthermore, we will continue our push to reinforce the quality of our cars
through models such as the new Equus, the next-generation Sonata and the
Elantra LPI Hybrid. We will also continue our march toward globalization with
the full-scale launch of our plant in the Czech Republic and providing cars that
cater to the diverse tastes and lifestyles of our customers in different markets by
increasing flexibility in our production system.
As such, by continuing to improve on our quality, corporate value, and profit-
ability, we will prepare the solid foundation which will enable us to take our leap
forward as a leading global company.
The economic environment surrounding the global automotive industry is in-
deed difficult. However, time and time again, Hyundai Motor has succeeded in
overcoming many hardships and adversity thanks to the encouragement of our
customers and the hard work of our Hyundai family members. Buoyed by the
affection and trust of our customers, everyone at Hyundai will spare no effort to
make this year the year that Hyundai Motor leaps forward to become a leading
global automobile company.
I wish you and your family another year of health and happiness. Thank you.
Dear Stakeholders,
With the US financial crisis spreading and resulting in a worldwide economic re-
cession, the global automotive industry experienced a severe slowdown in 2008.
However, Hyundai Motor maintained growth in production and sales amidst the
global economic crisis alongside remarkable improvements in quality and tech-
nological advancements.
On the quantitative side, Hyundai continued to record positive growth despite
the 6-plus percent decline in the overall size of the global market. We recorded
a growth rate of 6.8 percent compared to 2007 by producing and selling a total
of 2.8 million units, including 570,000 units in Korea, 1.1 million units in exports,
and 1.13 million units manufactured and sold overseas. Hyundai also achieved a
5.1 percent growth in value compared to 2007 with 32.2 trillion won in sales, the
highest ever so far in our history.
We secured even more meaningful results on the qualitative side. The road to
globalization started off smoothly with the opening in early 2008 of our second
plants in India and China, the groundbreaking in June on our St. Petersburg plant
and the start-up of our Czech Republic factory. Meanwhile, Hyundai Motor’s
world-class quality and technological prowess was recognized time and again
throughout the course of last year, kicking off in January when our V8 Tau engine
was named by Ward’s as one of 2009’s 10 Best Engines in the U.S. sharing the
honors with Audi and BMW. Genesis, our first rear-wheel drive luxury car, also
made history when it was selected as the North American Car of the Year, the
first Asian-made sedan to ever capture this prestigious award.
The economic environment in 2009 is expected to be even more difficult than last
year. We anticipate automotive demand to stagnate, if not decrease, not only in
developed markets such as the United States and Europe, but even in emerging
markets. In the meantime, we also foresee fiercer competition with imported
brands in the domestic market which is expected to plunge into its worst slump
since the economic crisis in 1997.
However, by making the most of Hyundai Motor’s strength of being able to com-
bine high quality and price competitiveness, we will turn this crisis into an op-
portunity. To do so, Hyundai Motor will focus on boosting our sales efforts, all the
while securing competitiveness to prepare for the future when markets recover.
In this regard, we will pursue unique and effective plans to increase global sales.
At the same time, we will preempt local markets by staying one step ahead of
our competitors in developing and offering cars that meet the tastes and needs
of our local customers.
Hyundai to leap forward as a leading
global company by strengthening sales
efforts and securing competitiveness
June 2009
President and CEO Steve S. Yang