Hyundai Motor Group, South Korea's second-largest conglomerate, set its 2014 car sales target at 7.86 million units, higher than the prior year's sales figure, the group chairman said Thursday.

Chung Mong-koo, head of Hyundai Motor and its affiliate Kia Motors, said in a New Year's ceremony that auto sales goal for the country's top two carmakers was placed at 7.86 million. Hyundai aimed to produce and sell 4.9 million cars, while Kia set its figure at 2.96 million units, Chung said.

The goal was higher than 7.56 million cars sold by Hyundai and Kia last year. The group is the largest automaker in South Korea, with 31 factories in nine countries across the globe.

The chairman worried the expected gloomy picture in the global auto market. "As the world economy enters the low-growth period, competition will become fiercer among rival carmakers. Uncertainties deepened amid changes in the auto industry that focus on convergence of technology," said Chung.

Hyundai Steel, the group's steelmaking unit which provides high-tensile steel to the two carmakers, completed the construction of its third blast furnace, raising its production capacity to 24 million tons.