Hyundai and Kia expect sales growth for 2023
The South Korean carmaker Hyundai Motor and its subsidiary Kia are optimistic about the new year 2023. Global sales are expected to increase by almost ten percent to 7.52 million vehicles, Hyundai announced on Tuesday. Last year, the companies missed their targets due to supply chain disruptions. “Hyundai plans to expand its market share,” the company said. The transition to electrification should be accelerated and production, logistics and sales optimized by region. Analysts described the two companies’ sales targets for this year as aggressive but achievable given the pent-up demand for vehicle sales. However, economic obstacles such as high interest rates could dampen auto sales, said Kim Gwi-yeon, an analyst at Daishin Securities. This is especially true in the second half of the year, when the need to catch up is likely to decrease.