SEOUL, South Korea (AP) - Hyundai Motor Co. and its affiliate Kia Motors Corp. are forecasting their weakest growth in car sales in more than a decade as competition intensifies and the global economy slows.

SEOUL, South Korea (AP) Hyundai Motor Co. and its affiliate Kia Motors Corp. are forecasting their weakest growth in car sales in more than a decade as competition intensifies and the global economy slows.

Hyundai Motor Group, the world's fifth largest automaker, said Friday the two carmakers aim to sell a combined 8.2 million vehicles this year.

That would be an increase of just 2.5 percent from last year's sales about of about 8 million vehicles. Sales grew 4 percent in each of the past two years.

Chairman Chung Mong-koo told employees in his New Year's speech that the group should cut costs, increase productivity and share components to fend off competition from Japanese rivals boosted by a cheap yen.

Sales of Hyundai and Kia cars grew at double digit rates until 2011.