Hyundai and Kia forecast beating 2013 sales goal image

Hyundai and affiliate Kia said they are on track to sell more than 7.5 million vehicles globally this year, higher than their earlier target of 7.41 million vehicles.

After overseas sales growth this year offset lackluster domestic shipments, both companies which rank fifth in global vehicle sales, expect a tough year in 2014 as Japanese and European automakers are seen accelerating competition and the U.S. and Chinese markets face moderating growth.

Hyundai and Kia said they saw their combined global sales rise 6 % to 6.9 million vehicles from January to November this year from a year earlier. Their overseas sales rose 8 % during the period, while South Korean shipments dipped 3 %.

Solid sales gains in emerging markets like China and Brazil outweighed slowing sales in the United States and South Korea where Hyundai and Kia have underperformed rivals partly due to aging models. Last year, Hyundai and Kia sold a combined 7.1 million vehicles.

Hyundai next year plans to launch a new Sonata sedan, its bread-and-butter model, while Kia Motors is expected to roll out the Sorento sport utility vehicle and Carnival minivan. In South Korea, German carmakers are forecast to aggressively boost sales next year and erode the home market dominance of Hyundai and Kia, driven by a free trade deal.

Via Reuters