SEOUL – Hyundai Motor <005380.KS> and affiliate Kia Motors <000270.KS> on Monday said their global sales dropped 2 percent to 7.88 million vehicles in 2016 from the preceding year, falling short of their target of 8.13 million vehicles.
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It is the first time since 1998 that the South Korean duo, which together rank fifth in global sales, posted an annual sales fall.
Hyundai Motor shipped 4.86 million vehicles compared with its target of 5.01 million. Kia Motors sold 3.02 million vehicles, shy of its goal of 3.12 million.
(Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman)