SEOUL- South Korean Hyundai Motors and affiliate Kia Motors have missed their annual targets five years in a row and this year, expect combined sales to rise by 5%.
The automakers reported a drop of 3% on their combines 2019 sales globally to 7.19 million vehicles, a short lag of their 7.6 million vehicle target.
Sales for this automaker duo has dropped in China, the largest auto market in the world, which has been offset by sales being underpinned by demand in the United States for its new SUV as a result and a currency exchange rate which has worked in their favour.
Both Hyundai and Kia formerly together ranked fifth on global vehicle sales. They slipped down a spot to sixth place following a Fiat Chrysler and Peugeot maker PSA planned merger.
Prior to the announcement, Hyundai Motor shares dropped 2.1% and Kia Motors stocks fell 4.1%.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.