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Industry Report: Is Hyundai Ready for a $4 Gallon?

Earlier this year, Hyundai Motor Company announced a targeted 20-percent

Hyundai just launched the Genesis, which will be available with the brand's new Tau V8. Is this the right time for such an introduction? (Photo: Hyundai)

rise in global sales for 2008, a lofty goal in an industry that is seeing declining sales in some of its largest markets. The South Korean automaker is planning on selling 3.11 million vehicles this year, 19.6-percent more than the 2.6 million it sold in 2007.

It seems, however, that today's markets don't appreciate lofty ambition, because after the announcement Hyundai's share value fell 2.23-percent to 70,000 won ($76), compared to an average market decline of 0.32-percent, with auto analysts predicting the target would be challenging to achieve.

"There are big concerns about the U.S. car market this year, because of mounting subprime mortgage troubles," Kim Byung-kuk, an analyst at Daishin Securities, told Reuters news agency. "Hyundai stands a chance of faring better than Detroit's Big Three if its strategy to focus on fuel efficiency amid rising gasoline prices proves successful."

But interestingly the big car at Detroit's North American International Auto Show wasn't a small, fuel efficient runabout, or anything with hybrid-electric power, clean diesel or any other eco-friendly technology, but rather a full-size, rear-drive luxury sedan powered by a powerful V8 engine in top-line

Overseas, Hyundai sells turbodiesel engines in a wide variety of products. It may need to do the same in North America to keep up with pending emissions regulations. (Photo: Hyundai)

trim, called Genesis. As a preview of this internal trend, Hyundai introduced a sport-luxury model only a month ago at the Los Angeles Auto Show, a rear-wheel drive performance two-door dubbed the Genesis Coupe.

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