Hyundai, Kia worldwide sales drop 2 percent; miss target

Hyundai Motor and affiliate Kia Motors stated their worldwide sales dropped 2 percent to 7.88 million automobiles in last year from the preceding year, disappointing their target of 8.13 million automobiles.

It is the first time from 1998 that the South Korean duo, which together rank 5th in worldwide sales, released a yearly sales fall.

Hyundai Motor delivered 4.86 million automobiles compared to its target of 5.01 million. Kia Motors sold 3.02 million automobiles, shy of its goal which was 3.12 million.