Hyundai and Kia anticipate automobile gross sales to develop 10% in 2023


SEOUL — Hyundai Motor and department workplace Kia: Mixed international automobile gross sales are forecast to develop almost 10 % in 2023, though final yr’s gross sales fell in need of the goal because of provide chain disruptions.

The businesses bought 6.85 million automobiles in 2022, about 4 % under the general goal of seven.16 million automobiles, primarily because of shortages in chips and elements.

The businesses have mentioned they are going to purpose for international gross sales of seven.52 million automobiles this yr.

“Hyundai plans to broaden market share and run profitability-driven companies by flexibly responding to market modifications, accelerating its transition to electrification, responding to international environmental rules, and optimizing manufacturing, logistics and gross sales by area.” the corporate mentioned in an announcement.

Analysts say the 2 firms’ gross sales targets for this yr seem aggressive however achievable given the demand for the automobiles.

“Hyundai Motor and Kia are nonetheless seeing comparatively greater automobile orders, and automobile consumers are nonetheless lining as much as purchase vehicles regardless of the current financial surroundings … with that demand, the businesses appear assured,” he mentioned. Kim. Gwi Yeon, an analyst at Daishin Securities.

Kim, nonetheless, added that financial headwinds akin to excessive rates of interest may dampen automobile gross sales, particularly within the second half of the yr after pent-up demand softened.

Hyundai mentioned its international gross sales, together with the Genesis model, rose 1.4 % year-on-year to three.94 million models in 2022, helped by sturdy gross sales of the Ioniq 5 and a profitable launch. Ionic 6:. The 2 all-electric fashions collectively had international gross sales of greater than 100,000 models in 2022.

Hyundai’s 2023 quantity objective is 4.32 million.

Kia mentioned its international quantity rose 4.9 % final yr to 2.9 million models, and its 2023 goal is 3.2 million.

The Sportage crossover topped its 2022 international gross sales rankings with 452,068 models bought, adopted by the Seltos at 310,418 models and the Sorento at 222,570 models.

Automotive Information Europe contributed to this report


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