Hyundai, Kia expect vehicle sales to jump 10% in 2023


Soul — hyundai car and affiliate come It expects combined global vehicle sales to grow by nearly 10% in 2023, despite last year’s sales falling short of target due to supply chain disruptions.

The two companies sold 6.85 million vehicles in 2022, about 4% below their combined target of 7.16 million, mainly due to issues such as chip and component shortages.

The two companies said they aim to sell 7.52 million vehicles globally this year.

Hyundai expands market share by responding flexibly to market changes, accelerating the transition to electrification, complying with global environmental regulations, and optimizing production, logistics and sales by region.​ ​and plan to operate a profit-oriented business. ” The company said in a statement.

Analysts say the companies’ sales targets for this year, while aggressive, are achievable given potential demand for the vehicles.

“Hyundai and Kia have relatively high backorders for their vehicles, despite the recent economic environment, and car buyers are still queuing to buy their cars… Companies seem to be confident as they are depicted in ,” Kim said. Mr. Guyon, an analyst at Daishin Securities.

But Kim added that economic hurdles such as high interest rates could slow car sales, especially after demand softens in the second half of the year.

Hyundai said its global sales, including the Genesis brand, increased 1.4% year-on-year to 3.94 million units in 2022, driven by strong sales of the Ioniq 5 and successful launch of the Ioniq 6. 2022 global sales.

Hyundai’s sales target for 2023 is 4.32 million units.

Global sales rose 4.9% to 2.9 million last year, with a target of 3.2 million in 2023, according to Kia Motors.

The Sportage crossover topped the 2022 global sales rankings with 452,068 units, followed by the Seltos with 310,418 units and the Sorento with 222,570 units.

Automotive News Europe contributed to this report



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