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Hyundai, Kia forecast slowest sales growth in 9 years
(MENAFN) Hyundai Motor Co. and Kia Motors Corp. forecast that their sales growth will be slow in nine years as they run out of capacity to increase output and they face fierce competition, Arab News reported.
The South Korean automakers' combined deliveries will rise 2.5 percent to 8.2 million units in 2015, which would mark the slowest growth since 2006, the automobile's chairman said in a statement.
The carmakers plan to increase production by a combined 38 percent in China by 2018 in order to meet demand, with introducing updated versions of sport-utility vehicles Tucson and Sportage to maintain their share.
Hyundai plans to increase sales by 1.7 percent to 5.05 million vehicles next year, while Kia's target is set at a 3.6 percent increase to 3.15 million units, the companies said in separate filings.
The South Korean automakers' combined deliveries will rise 2.5 percent to 8.2 million units in 2015, which would mark the slowest growth since 2006, the automobile's chairman said in a statement.
The carmakers plan to increase production by a combined 38 percent in China by 2018 in order to meet demand, with introducing updated versions of sport-utility vehicles Tucson and Sportage to maintain their share.
Hyundai plans to increase sales by 1.7 percent to 5.05 million vehicles next year, while Kia's target is set at a 3.6 percent increase to 3.15 million units, the companies said in separate filings.
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