South Korea's Hyundai Motor Co. on Friday unveiled ambitious plans to surpass U.S-based Ford Motor Co. (NYSE:F) as the fourth-largest auto maker in Brazil.
The company's intention is to reach fourth place as early as 2013.
"Without a local plant, we reached a market share of 3% in 2010. The plan is to reach 10% of the market, passing Ford, by 2013, with our own plant," said Hyundai Director Kim Ki-tae.
In 2010, Brazilian auto sales reached their highest annual total ever as rising wages and consumer confidence boosted purchases. Total sales in 2010 were 3.5 million vehicles, up 12% compared with 2009.
Hyundai sold a total of 106,012 vehicles in Brazil last year, while Ford sold 336,297, for a 9.6% market share.
Global players are increasingly interested in Brazil because of the country's obvious potential for growth. Brazil's economy expanded by an estimated 7.5% in 2010.
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