The global chairman of Hyundai Motor Group on Thursday set a goal to produce and sell 7.86 million cars in the new year after the automotive conglomerate exceeded sales targets in 2013.

In a ceremony to mark the start of 2014, Chung Mong-koo said combined sales of Hyundai Motor Co. and its sister Kia Motors Corp. topped 7.56 million units last year.

The total represents a 2.0 percent gain from the 7.41 million target set for the entire year.

The conglomerate is the largest carmaker in South Korea and one of the top five automobile manufacturers in the world, with 31 factories located in nine countries.

"Hyundai should enter the new year by looking back on its past growth (strategies) and use lessons learned to prepare for the future," he said, adding that every effort must be made to build up capabilities so as to lay the foundation for growth down the line.

Emphasizing the need to make cars that are more fuel efficient and safer to drive, he said more attention should be paid on research and development investment.

He said Hyundai and Kia must make greater advances in the area of eco-friendly, smart vehicles that represent the future in the automotive industry.

Besides the core automobile sector, the chairman said that Hyundai Steel, the steelmaking arm of the conglomerate, will start production at its third blast furnace this year that will push up its annual production to 24 million tons.

The steelmaker produces various products, such as high-tensile steel, that are used by Hyundai and Kia cars. (Yonhap News)