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Hyundai and Kia Predict 10% Increase in Global Auto Sales in 2023

Hyundai Motor and its affiliate Kia Corporation have forecasted a nearly 10% increase in their combined global sales for 2023.

Hyundai Logo
Hyundai Logo

Despite missing their target for sales in 2022 due to supply chain disruptions, the companies sold 6.85 million vehicles last year. They have set a target of 7.52 million vehicles for this year. Analysts believe the marks are aggressive but achievable due to pent-up demand for vehicles. However, economic obstacles such as high-interest rates could impact car sales in the latter half of the year. Hyundai Motor and Kia saw their shares close up 1.3% and 1.5%, respectively.

Factors Contributing to Hyundai and Kia's Sales Forecast

Hyundai Motor and Kia plan to expand their market share and operate profitability-oriented businesses by responding to market changes and global environmental regulations and optimizing production, logistics, and sales by region. In addition, companies are accelerating their transition to electrification to meet global demand.

Despite chip and component shortages, Hyundai and Kia achieved relatively high back orders of vehicles and have continued to see car buyers waiting in line to purchase vehicles. This pent-up demand is expected to contribute to the companies' confidence in their sales forecast for 2023.