Hyundai, Kia see 2020 sales rebound after missing target in 2019

SEOUL (Reuters) – South Korea’s Hyundai Motor (KS:) and affiliate Kia Motors (KS:) expect their combined sales to rise 5% in 2020, after missing their annual target for five years in a row.

The South Korean automakers reported a 3% drop in their combined global 2019 sales to 7.19 million vehicles, lagging their target to sell 7.6 million vehicles.

The duo’s sales have slumped in China, the world’s biggest auto market, offsetting a recovery in the United States where sales have been underpinned by demand for its new sport utility vehicles and a favorable currency exchange rate.

Hyundai and Kia, which together ranked fifth in global vehicle sales, will slip to sixth place after a planned merger of Fiat Chrysler (MI:) (N:) and Peugeot maker PSA (PA:).

Hyundai Motor shares fell 2.1% prior to the announcement, while Kia Motors stocks dropped 4.1%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.