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Hyundai-Kia Forecast Slowest Sales Growth in Eight Years

Hyundai Motor Co. and Kia Motors Corp., South Korea’s two largest automakers, forecast their weakest sales growth in eight years as competition intensifies and the stronger won hampers exports. The shares fell.

Hyundai and Kia’s combined deliveries will increase 4.1 percent to 7.86 million vehicles in 2014, according to comments made by Chung Mong Koo, chairman of both automakers, to employees during a new year address in Seoul today. That’s the slowest growth since 2006 and falls short of the 8 million units projection based on the average estimate of five analysts surveyed by Bloomberg News.