South Korea's Hyundai Motor and affiliate Kia Motors expect their combined sales to rise 5% in 2020, after missing their annual target f...
South Korea's Hyundai Motor and affiliate Kia Motors expect their combined sales to rise 5% in 2020, after missing their annual target for five years in a row.
The South Korean automakers reported a 3% drop in their combined global 2019 sales to 7.19 million vehicles, lagging their target to sell 7.6 million vehicles.
The duo's sales have slumped in China, the world's biggest auto market, offsetting a recovery in the United States where sales have been underpinned by demand for its new sport utility vehicles and a favourable currency exchange rate.
Hyundai and Kia, which together ranked fifth in global vehicle sales, will slip to sixth place after a planned merger of Fiat Chrysler and Peugeot maker PSA.
Hyundai Motor shares fell 2.1% prior to the announcement, while Kia Motors stocks dropped 4.1%.
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