Hyundai Motors and affiliate, Kia Motors said they sold only 7.25 million vehicles in 2017, missing their global sales target of 8.25 million, on Tuesday.
Hyundai Motors only shipped 4.5 million vheicles this year, compared with its target of 5.08 million. Kia Motors sold 2.75 million vehicles, shy of the goal of 3.17 million.
“With the global economy continuing its low growth, trade protectionism spreading and competition intensifying in the automobile industry, uncertainty is growing more than ever,” Hyundai Motor Group Chairman Chung Mong-koo said in his New Year message to employees.
Furthermore, Hyundai Motor shares fell for a third straight year in 2016, down 2 percent, while Kia Motors was the worst-performing stock among major car makers with a 25 percent slump.