Hyundai and Kia plan to increase their combined annual sales by 12% to 6.4m units next year.

Group chairman Chung Mong-koo and heads of overseas operations posted the sales target during a recent meeting according to the Korea Economic Daily which cited an unnamed executive.

The group expects to sell 5.7m cars this year, the report added, although Hyundai Motor CEO Yang Seung-seok said the automaker had not finalised its 2011 sales target, adding that a figure will be announced late this month.

Hyundai and Kia together rank as the world's fifth biggest carmaker.