Hyundai, Kia global vehicle sales fall 2% in 2016, missing targets

An employee assembles a Hyundai Motor vehicle on the production line at the company’s factory in Asan, South Korea.
SeongJoon Cho | Bloomberg | Getty Images

Hyundai Motor and affiliate Kia Motors 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.

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.

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