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.

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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.

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