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. 000270.KS>005380.KS>
It is the first time since 1998 that the South Korean duo, which together rank fifth in global sales, posted an annual sales fall.
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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)