Hyundai-Kia Predicts 50% Slower Sales Growth

Hyundai Motor Co. and affiliate Kia Motors Corp. predict their combined global sales will expand 4% to 7.4 million units in 2013, the slowest growth rate in seven years.

The two producers estimate that demand for their vehicles jumped 8% to 7.1 million units in 2012.

Chung Mong-koo, chairman of both companies, told employees earlier today that slower growth will be caused by Europe's continuing financial crisis, a sluggish global economy and the sharp appreciation of South Korea's won over the past six months.