Hyundai Motor's sport utility vehicle (SUV) Tucson and sedan Granduer (black) are seen at its dealership in Seoul, South Korea, December 15, 2016. Picture taken December 15, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Hyundai Motor 005380.KS and affiliate Kia Motors 000270.KS on Monday said their global sales dropped 2 percent to 7.88 million vehicles in 2016 from the preceding year, falling short of their target of 8.13 million vehicles.

It is the first time since 1998 that the South Korean duo, which together rank fifth in global sales, posted an annual sales fall.

Hyundai Motor shipped 4.86 million vehicles compared with its target of 5.01 million. Kia Motors sold 3.02 million vehicles, shy of its goal of 3.12 million.