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Hyundai Misses Global Sales Target, Posts Dip for 1st Time in 18 Years

But Korean carmaker and affiliate Kia set sights higher for 2017.

by on Jan.03, 2017

Hyundai won rave reviews for the Santa Cruz concept, a car-based pickup, which it could sorely use in its U.S. line-up right now.

Korean automotive powerhouse Hyundai-Kia has missed its sales target, with global volume dropping 2% in 2016, its first decline in 18 years.

But the world’s fifth-largest automaker is forecasting it will get back on track in 2017, in large part by increasing its production for China and the United States. Industry analysts caution that Hyundai-Kia could be forced to trade sales for profit margins in the New Year, however, especially if those two key markets continue to lose momentum.

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“With the global economy continuing its low growth, trade protectionism spreading and competition intensifying in the automobile industry, uncertainty is growing more than ever,” Hyundai Motor Group Chairman Chung Mong-koo told employees in a New Year’s message. (more…)

Hyundai – Kia Sales to Hit Record 8 Million

But profits under pressure.

by on Nov.25, 2014

A fuel-cell version of the popular Hyundai Tucson went on sale in the U.S. market last summer.

Hyundai Motor Co. and its sibling Kia Motors Corp. are collectively heading for an all-time sales record of 8 million this year.

On the downside, Hyundai is facing serious pressure on earnings as the Korean won gains strength. That creates a disadvantage when compared to Japanese rivals who have watched earnings soar on the weak yen.

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“The market still does not look rosy,” Chung Mong Koo, who serves as chairman of both Hyundai and Kia, said in the statement. “Let’s overcome the unfavorable market situation and show our automobile industry’s competence.”