Hyundai growth forecast lowest since 2003

January 02, 2014 - 8:30:50 am

SEOUL: Hyundai Motor Group said Thursday it expects sales to grow in 2014 at their slowest pace in more than a decade, as it is hit by global economic uncertainty.

The firm said that combined with its smaller affiliate Kia it sees sales of 7.86 million this year, up 3.9 percent from the 7.56 million in 2013. 

The growth figure is the slowest since 2003.

"Market competition is intensifying as the global economy enters the era of slow growth, and uncertainty increases as technological convergence sparks more changes in the industry," chairman Chung Mong-Koo said in his New Year message to employees.

"We need to dramatically expand investment in developing innovative technologies like environmentally friendly green cars or smart cars equipped with cutting-edge technologies," he said.

Hyundai Motor and Kia, which make up the world's fifth-largest automaking group, sold 7.12 million cars worldwide in 2012.

The company is set for a tough year as a weaker Japanese yen sparked by Tokyo's bid to support exports has offered price advantages to rivals such as Honda and Toyota. (AFP)

      

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