Hyundai and Kia have set their combined sales target for this year at just 7.55m units, marking the lowest annual sales goal since 2013 and only slightly up on 2017’s estimated result.
Slow sales in China and the US meant that Hyundai and Kia sold a combined 7.25 million units globally, down 7% on the previous year, according to Korean media reports. Korean brands were damaged by a diplomatic dispute in China last year which enabled local Chinese brands, such as Geely, to gain share.
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In 2018, Hyundai Motor will aim to sell 701,000 vehicles at home and 3.9m overseas, totalling 4.6m units worldwide, the Korea Herald reported. Sister brand Kia Motors has set its goal at 2.8m vehicles worldwide by selling 520,000 in Korea and 2.3m units overseas.
“Amid prolonged low economic growth and strengthened trade protectionism worldwide, the automotive industry is undergoing rapid change due to heightened competition,” said Hyundai Motor Chairman Chung Mong-koo in a New Year’s email to employees, the Herald reported.
Hyundai plans to release 12 new models in 2018, centred on SUVs, the company reportedly said.
The report added that the electrified version of Hyundai’s Kona small SUV is expected to be released in the first half of the year.
