Hyundai Motor Group saw tepid growth last year and expects sales to remain sluggish in 2019 citing trade protectionism as one of the causes for slow growth going forward, according to Reuters.
In a New Year’s address to employees, Euisun Chung said Hyundai Motors Co and Kia Moors Corp. faced several factors had caused the slow sales growth. It missed the SUV boom, potential U.S. tariffs and other trade uncertainty, and questions over how it handled a vehicle recall, and the rapid advancement of self-driving car technology.
As a result, Hyundai and Kia are setting conservative sales targets for 2019, of 7.6 million vehicle sales in 2019, a three per cent increase from nearly 7,399 million vehicles sold last year.
2018 sales according to Reuters fell short of the 7.55 million vehicles the group hoped to achieve. Morgan Stanley expects global auto production to fall once per cent in 2019.