Hyundai Motor Co. Chairman Chung Mong Koo’s race to transform South Korea’s largest carmaker into a global manufacturer failed to anticipate the global recession.
Hyundai and affiliate Kia Motors Corp. plan to boost overseas capacity about 30 percent by 2011, even after a 14-month long decline in U.S. auto sales forced them to follow General Motors Corp. and Toyota Motor Corp. in cutting production. Worldwide auto sales may fall at least 7.7 percent this year, according to a Hyundai forecast, as the economic slowdown spreads from the U.S. and Europe to emerging markets.
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