Employees of Hyundai Motor Group attend the company’s new year ceremony in Seoul, South Korea, January 2, 2019. REUTERS/Kim Hong-Ji
SEOUL (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) and Kia Motors Corp (000270.KS) said on Wednesday they aim to sell 7.6 million vehicles in 2019, as they battle to recover market share in China and the United States.
This compared with an estimated 7.3 million to 7.4 million vehicle sales last year, the auto conglomerate said, citing analysts’ estimates. The pair will announce 2018 sales results later on Wednesday.
The firms which together form the world’s fifth-biggest automaker said Hyundai Motors aimed to sell 4.68 million vehicles this year and Kia 2.92 million vehicles.
Analysts said 2018 was likely the fourth consecutive year the pair had missed their annual sales target, as their latest sport utility vehicles failed to gain traction in China and the United States, the world’s two biggest auto markets.
Hyundai and Kia sold an estimated 7.21 million vehicles last year, compared with their target of 7.55 million vehicles, according to the average of three analyst estimates compiled by Reuters.
Reporting by Hyunjoo Jin and Ju-min Park; Editing by Christopher Cushing and Stephen Coates