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Another year of tepid car sales growth? Hyundai (OTCPK: HYMLF) and Kia Motors (OTCPK: KIMTF) announced plans to complete a restructuring after the world’s fifth-biggest automaker missed its annual sales goals for four straight years.
The conglomerate also set a “conservative target” of 7.6M vehicle sales in 2019, saying trade protectionism adds uncertainty and major markets such as the U.S. and China remain sluggish.
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In his first New Year address to employees, group heir apparent Euisun Chung said Hyundai Motor Co (005380.KS) and Kia Motors Corp(000270.KS) would complete a restructuring of South Korea’s second-biggest conglomerate, which is widely expected to pave the way for him to formally succeed his octogenarian father as head of the group.
The complicated succession plans come as Hyundai contends with a bunch of problems that have cost it market share in China and the United States and stalled its rise up the ranks of global automakers.
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