Hyundai and Kia brace for growth slump

Hyundai and Kia brace for growth slump

South Korean car giant Hyundai and its affiliate Kia are forecasting their weakest growth in car sales in more than a decade as competition intensifies and the global economy slows.

Hyundai Motor Group, the world’s fifth largest car maker, said the two firms aimed to sell a combined 8.2 million vehicles this year – an increase of just 2.5% from last year’s sales about of about eight million vehicles. Sales grew 4% in each of the past two years.

Chairman Chung Mong-koo told employees in his New Year’s speech that the group should cut costs, increase productivity and share components to fend off competition from Japanese rivals boosted by a cheap yen.

Sales of Hyundai and Kia cars grew at double digit rates until 2011.

More in this Section

Blarney Castle owner lodges appeal against planned 120-bed nursing homeBlarney Castle owner lodges appeal against planned 120-bed nursing home

Exploration company suggests Irish oil and gas sector 'losing momentum'Exploration company suggests Irish oil and gas sector 'losing momentum'

Runaway Brexit train being driven by people with no real understandingRunaway Brexit train being driven by people with no real understanding

Montessori school gets injunction preventing landlord from retaking possession of its premisesMontessori school gets injunction preventing landlord from retaking possession of its premises


Lifestyle

Audrey's been sorting out Cork people for ages.Ask Audrey: C’mere, what’s the story with Chris O’Dowd thinking he’s better than Cork people

So, I put a link to a short story up for my students the other day. The story was by Michael Morpurgo and I was delighted to find an online copy. It can be challenging when you are relying on non-paper texts to teach.Secret diary of an Irish teacher: I love physical books and always will

Celebrated actress Siobhán McSweeney may have found fame starring in a TV series set at the other end of the country, but Cork is never far from her thoughts, writes Ciara McDonnellHome is where the art is for Derry Girls actress

There are literally hundreds of free events on offer this evening for kids and adults on Culture Night. Marjorie Brennan selects the best of them, in Cork and beyondCulture Night: Get out and make the most of it

More From The Irish Examiner