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The Korea Herald
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THE INVESTOR
March 29, 2024

Automobiles

Hyundai, Kia likely to miss sales target this year

  • PUBLISHED :November 06, 2018 - 10:15
  • UPDATED :November 06, 2018 - 10:15
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[THE INVESTOR] Hyundai Motor and sister Kia Motors are expected to undershoot their sales target this year in light of weak track records so far, industry sources said on Nov. 6.

The Korean carmakers sold a combined 6.09 million vehicles in the first 10 months of this year, or 80.7 percent of their full-year targets set at 7.55 million.


Hyundai’s sales rose 2.6 percent on-year to 3.77 million vehicles during the January-October period, with Kia’s shipments increasing 2.6 percent to 2.32 million.

Given the monthly average sales of slightly over 609,000 units over the cited period, Hyundai and Kia are projected to sell a combined 7.31 million vehicles for all of this year, or about 97 percent of their goals.

Last year, the combined sales of Hyundai and Kia stood at 7.25 million units, well below their target of 8.2 million.

Industry sources said Hyundai and Kia are unlikely to achieve their full-year sales goals, though December is usually a high-demand month.

It would mark the fourth straight year that the two flagships of Hyundai Motor Group have fallen short of their annual sales targets.

The grim outlook comes as Hyundai and Kia have fared ill in China and the United States, the world’s two largest auto markets.

In another blow to Hyundai and Kia, global ratings agencies have recently downgraded their credit rating and outlook on the carmakers, citing their worsening profitability.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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