Hyundai aims for steady growth Capacity constraints would slow Hyundai's US growth in 2012 from the breakneck speed of recent years, John Krafcik, head of the South Korean carmaker's US operations, said on Tuesday. "Our choice is to grow more slowly in 2012 and to focus our efforts and energies on building customer satisfaction," Mr Krafcik told the Financial Times. He added that "the idea is that in 2012, we're planting seeds that will ensure the long-term success of the company and long-term sales growth." Mr Krafcik's remarks echo comments last week by Chung Mong-Koo, Hyundai Motor's chairman, projecting worldwide sales of 7m units this year, up from 6.6m in 2011 but a slower rate than in previous years. Hyundai is seeking to avoid the mistakes made over the past decade by some carmakers. General Motors and Toyota both were hurt by putting the emphasis on volume rather than quality in their quest to be the world's top-selling carmaker. "We should lay the groundwork to become a global leading player by firming up management," Mr Chung said. Hyundai's US sales surged by 20 per cent last year, more than double the overall market increase. The Koreans owe their success in North America to eye-catching designs and imaginative marketing. "We like to say if the industry is moving to the right we'll look to the right, but we'll probably look more to the left and see if we can find some different approach," Mr Krafcik said. In its latest initiative, the company announced at this week's Detroit auto show that it would offer a lifetime battery replacement guarantee for its hybrid models. It captured widespread attention during the recession by allowing buyers to return their cars without penalty or loss of creditworthiness if they lose their job or declare personal bankruptcy within a year of purchase. Mr Krafcik declined to forecast 2012 sales, but expressed confidence that incremental improvements to its plant in Alabama would enable it to boost domestic production above the 338,000 vehicles built last year, allowing it to maintain market share which reached 5.1 per cent last year, up from 4.6 per cent in 2010. "We should at least grow with the market," he said. The Alabama plant produces about two-thirds of Hyundai vehicles sold in the US. The rest are imported from South Korea. Tight supplies have helped Hyundai hold discounts and other incentives well below its major rivals. Its average incentive spending amounted to $650 a vehicle last month, about one-third the level of Toyota and little more than one-fifth of GM and Ford, according to Edmunds.com, an online car pricing service. Mr Krafcik said transaction prices have risen by 18 per cent over the past two years.