South Korean carmaker Hyundai has recorded its lowest sales growth in 10 years. Hyundai and Kia sold 8.13 million cars worldwide combined, while last year, Hyundai and Kia sold 8 million cars. The sales growth was very marginal for the first time since 2006.
One of the main reasons for low sales growth is the slump and decreasing demand for Hyundai products in the Chinese auto market.
In a message, Chung Mong-Koo, the Head of Hyundai Motor Group said, "Slow growth is expected to persist in the global economy due to weak growth in China, the slumping oil price and uncertainty in emerging markets over the rate hike in the US."
The Hyundai Motor Group saw its share in China drop below 10 percent, which is the world's largest automobile market. One of the main reasons was intense competition from Japanese and Chinese carmakers.