South Korea-based Hyundai Motor said it and sister company Kia Motors aim to grasp a 20% share of the mainland car market by 2010 – up from 4.5% now, according to an International Herald Tribune report. Hyundai Motor's China operations reportedly posted an operating profit of US$250 million on US$1 billion of sales last year. The IHT quoted one analyst wondering if the Koreans could maintain current profit levels as competition intensifies. A glut has already forced prices to drop 5% on some foreign manufacturers' models, including Hyundai's Elantra sedan.
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