Hyundai Targets Nearly 5% Growth in U.S.

Hyundai Motor Co. says it hopes to increase deliveries in the U.S. to 760,000 units this year from last year's record 725,700.

The 4.7% growth target compares with Hyundai sales increases of 3% in 2013 and less than 1% in 2014. Analysts expect the overall American car market to expand about 2% in 2015.

Hyundai's sales in the U.S. rose 4% in January-February as strong demand for Sonata small sedans and Santa Fe crossovers offset a 12% decline for the brand's best-selling Elantra sedan. Hyundai executives in the U.S. say sales have been restricted by a lack of production capacity.

The company expects to open a $1 billion factory later this year in Pesqueria, Mexico, to make as many as 300,000 small vehicles per year. Media reports last week said Hyundai also is in talks about adding some 300,000 units of capacity in 2017 near its U.S. factory in Montgomery, Ala.