South Korea’s three main auto companies plan...

South Korea’s three main auto companies plan to increase exports by 23.4% this year. The export targets total 679,000 vehicles, mostly small cars, up from 550,000 vehicles in 1987.

Hyundai Motor Co., Daewoo Motor Co. and Kia Motors Corp. also announced domestic sales goals totaling 660,000 vehicles, up 57.9% from 1987’s combined sales.

South Korea’s annual auto production will exceed 1 million vehicles for the first time if the export and domestic targets are attained.

Hyundai said it aims to export 450,000 vehicles, up 50,000 from 1987. Exports to the United States are planned at about the 1987 level of 250,000.

Daewoo listed its 1988 export target at 150,000 vehicles, compared to 80,000 in 1987, and Kia at 79,000, up from 70,000. Daewoo, 50% owned by General Motors, and Kia, 10% owned by Ford Motor, also said most of their exports would go to the United States.