Hyundai and Kia expect lower pace of sales growth

Hyundai and Kia Motors announced they expect to see essentially slower growth in sales in 2012 than in 2011 amid the global economic slowdown. European recession and increased competition from Japanese car producers are likely to limit expansion, said Chung Mong-koo, Hyundai Motor's chairman. Companies predict sales in 2012 to increase by 6%, approaching 7 million cars as compared to 15% jump in 2011.