Korean sister brands Hyundai and Kia are predicting a slowing of sales growth for 2013, on par with figures from 2006.
Bloomberg reports that Chung Mong Koo, chairman for both Hyundai and Kia, told employees at a new year address in Seoul that the combined sales for the two companies is forecast to rise 4.1 per cent to 7.41 million cars in 2013 in what will be the smallest growth since 2006.
Chung reportedly told employees to brace for a “very difficult year” and to be more proactive to changes in the markets to meet the business targets.
“2013 will be a very difficult year as the ongoing European crisis and the slowing global economy affect international and domestic markets,” Chung said.
The 2013 growth forecast is just shy of half of last year’s eight per cent growth figure that came on the back of estimated combined sales of 7.12 million vehicles.
In Australia, Hyundai Motor Company finished 2012 with an all-time annual sales record of 91,536 units – behind Toyota (218,176), Holden (114,665) and Mazda (103,886) but ahead of Ford (90,408) – while Kia successfully shifted 30,758 vehicles for the year, just missing out on a top 10 finish.