Hyundai Motor Co. and affiliate Kia Motors Corp.on Monday announced that both automakers are expected to sell more than 7.5 million vehicles globally this year, higher than their earlier target of 7.41 million vehicles.
The automobile manufacturing firms, which rank fifth in global vehicle sales, expect a tough year in 2014 as Japanese and European automakers are seen moving up in competition and the United States and Chinese markets face moderating growth.
In the United States, Hyundai’s sales have edged up 2 percent this year through November while volume has declined 3 percent at Kia in an overall market that has expanded 8 percent.
Hyundai and Kia said they saw their combined global sales rise 6 percent to 6.9 million vehicles from January to November this year from a year earlier. Their overseas sales rose 8 percent during the period, while South Korean shipments dipped 3 percent.