The outlook for the global auto market is “not bright” next year, Hyundai Motor Group Chairman Chung Mong-koo said on Tuesday, indicating 2016 will be another challenging year for the world’s fifth-largest automaker, reports Reuters.

Speaking to the heads of the automaker’s overseas units, Chung said growth this year was constrained by a weak global economy, the economic slowdown in the world’s second-largest auto market China and a decline in emerging market demand.

“Considering many leading indicators, the outlook for next year’s auto market is also not bright,” he said. His remarks were first reported by Yonhap news agency and later confirmed by a company spokeswoman.

Hyundai Motor Co, which combined with sister firm Kia Motors Corp (000270.KS) is the world’s fifth-largest car-maker, posted its seventh-straight decline in quarterly profit in October.

Chung told the gathering that the company must build on the launch of new eco-friendly vehicles and the rollout of its high-end Genesis brand, Yonhap said.