Hyundai, Kia Motors Set Their Combined Sales Target For 2017

Automotive - Pavan Pandey - Jan 02,2017

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hyundai kia motors set their combined sales target for 2017

South Korean automotive manufacturer Hyundai and its affiliate Kia Motors said in a statement, they aim to increase their combined sales to 8.25 million cars globally in 2017.

The sales target for Hyundai and Kia Motors in 2017 is slightly higher than the goals set in 2016.

The annual target symbols a 1.5 percent increase from the last year target of 8.13 million vehicles. Mr. Chung Mong-koo, the Chief Executive Officer and Chairman of Hyundai Motors Co., revealed the new sales target for 2017 in his message.

In his New Year message to the employees, Mr. Chung added, with the global economy ongoing its low growth, trade protectionism is increasing and rivalry escalating in the automobile industry, uncertainty is also surging more than ever.

Hyundai Motors Co. and Kia Motors Corporation, which together form the world’s fifth-largest automotive manufacturer by sales, plan to add capacity in China and Mexico this year. Hyundai Motors Co. is targeting 2017 global sales of 5.8 million cars, while Kia Motors Corp. set its goal to 3.17 million cars.

South Korea’s largest automotive group has yet to release its actual sales for the year 2016 but is widely estimated to have failed to reach the goals for the second year in a row. The carmakers have said the new cars to be launched this year will contain at least one SUV each.

Hyundai Motor Co. likely clocked the company’s fourth straight annual return decline last year, hurt by its upper exposure to weak developing markets, and a product line-up that features more sedans than sport utility cars.

The Vice Chairman of Kia Motors, Mr. Hank Lee, told workers on Monday that the automotive manufacturer hoped to recover growth this year after falling short of company’s 2016 sales aim.

Hyundai stocks were flat in a wider market and that was down 0.4% in early morning trade; while Kia Motors Corp. shares were down 0.3%.