SEOUL, South Korea — Hyundai Motor Co. and Kia Motors Corp., South Korea’s largest automakers, forecast their weakest sales growth in nine years as they run out of capacity to increase output and competition intensifies in major markets.
The companies’ combined deliveries will rise 2.5 percent to 8.2 million vehicles in 2015, Chung Mong-koo, chairman of both automakers, said at an address to employees in Seoul on Friday. That would be the slowest growth since 2006. The forecast was in line with the median estimate of 8.2 million units in a Bloomberg News survey of five analysts.
Hyundai and Kia will “actively respond” to global economic uncertainties and a weaker yen that gives Japanese competitors an advantage, and will be able to “easily” meet the 2015 target, said Chung, 76. The carmakers plan to increase production by a combined 38 percent in China by 2018 to meet demand, and have introduced updated versions of sport-utility vehicles Tucson and Sportage to maintain market share.
