Hyundai has “high expectations” it will post global sales of 4 million vehicles this year, versus its previous target of 3.9 million, William Y. W. Lee, executive vice president and head of Hyundai Motor’s Overseas Sales Division, said.

“Crisis can be an opportunity for Hyundai. The crisis can bring changes to the market dynamics as the consumer has a stronger desire for value,” he said.

“The economic crisis can have some impact on the automotive industry. But I am confident that it would have no major impact on Hyundai.” 

For much of its early history, Hyundai Motor was seen as a maker of cheap, low-quality vehicles, but it has emerged as one of the biggest threats to global automakers in recent years, increasing sales and gaining market share during the global financial crisis.   

Hyundai posted annual sales growth of more than 10 percent for the past two years, even in 2009 when the global industry declined because of the economic downturn.

Hyundai and affiliate Kia Motors, together the world’s No. 5 automaker by sales in 2010, have been catching up to Toyota Motors on quality over the past decade. 

Models such as the Elantra and Sonata, whose features and styling have won over cost-conscious buyers, have taken market share from the likes of Toyota’s Camry and Honda Motors in the key US market, while growth in emerging markets such as India and China has also been strong.  

But Hyundai’s sales growth is seen easing this year because of its stretched capacity.

Lee said the South Korean automaker expected to see sales volume growth slowing next year because of its stretched capacity, but reiterated that it had no plans to expand production facilities. 

“Our sales growth next year will fall short of this year’s, but we will continue to grow sales next year,” he said.   

Lee said he hoped to accelerate Europe sales next year by 20 percent to 480,000 vehicles, including 110,000 of its new i30 compact model, though he added that the targets were not final.

Lee said Hyundai also expected continued sales growth in the United States and BRIC nations (Brazil, Russia, India and China) next year.

Over the past five years, Hyundai has reported revenue growth of 13.9 percent versus a 2.0 percent decline for Toyota and a 2.0 percent rise for Honda.