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


SEOUL — Hyundai and affiliate Kia expect combined global vehicle sales to rise nearly 10% in 2023, despite falling short of targets last year due to supply chain disruptions doing.

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 will expand its 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 plans 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.



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