Hyundai, Kia expect auto sales to soar 10% in 2023

SEOUL — Hyundai Motor and affiliate Kia forecast that their put together global motor vehicle sales will jump virtually 10 p.c in 2023, even as last year’s profits fell brief of concentrate on thanks to provide chain disruptions.

The firms marketed 6.85 million motor vehicles in 2022, about 4 % less than their mixed goal of 7.16 million motor vehicles, largely thanks to difficulties which include chip and ingredient shortages.

The businesses claimed they would target world revenue of 7.52 million vehicles this 12 months.

“Hyundai options to extend industry share and operate profitability oriented corporations by flexibly responding to current market modifications, accelerating its transition to electrification, responding to global environmental regulations, and optimizing manufacturing, logistics and gross sales by location,” the business stated in a assertion.

Analysts explained the income targets of the two companies for this calendar year appear to be aggressive but achievable, taking into consideration pent-up desire for cars.

“Hyundai Motor and Kia are however viewing fairly higher back again orders of cars and auto purchasers are even now ready in line to buy vehicles in spite of the the latest economic environment…with that need in the photograph, the corporations look to be assured,” said Kim Gwi-yeon, an analyst at Daishin Securities.

Kim, nevertheless, included that economic road blocks these kinds of as high interest costs could dampen motor vehicle sales, primarily in the 2nd 50 % of the year right after pent-up need softens.

Hyundai stated its 2022 world wide revenue like its Genesis manufacturer greater 1.4 % calendar year-on-yr to 3.94 million models, served by potent revenue of Ioniq 5 and the effective launch of Ioniq 6. The two all-electric products together experienced around 100,000 units of global sales in 2022.

Hyundai’s 2023 volume concentrate on is 4.32 million.

Kia claimed its world-wide volume last 12 months rose 4.9 % to 2.9 million models and its target for 2023 is 3.2 million.

The Sportage crossover topped its 2022 world profits position with 452,068 units sold, adopted 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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