Hyundai-Kia Expects Slower Growth in 2014

Hyundai Motor Co. and its Kia Motors Corp. affiliate predict their combined global sales this year will total 7.86 million units compared with 7.56 million in 2013.

The projected 4% increase, down from more than 6% in 2013, would be Hyundai-Kia's slowest growth rate since 2006. The companies blame the increasing value of the South Korean won, which hurts profits on exported vehicles, and stronger competition. Hyundai estimates the overall global car market will expand 4.1% this year.

Hyundai and Kia expect their worldwide sales in 2014 will total 4.9 million and 2.96 million units, respectively.