South Korean automaker Hyundai and its sister company Kia sold more than seven million cars last year for the first time since 2019.
According to the announcement of car companies, their global sales last year increased by 6.6 percent to almost 7.3 million vehicles, the DPA agency reported on January 3. This year, companies plan to increase sales by roughly two percent.
Last year’s sales fell short of the company’s target of 7.52 million vehicles. A difficult economic environment, including high interest rates and inflation, was to blame. This year, automakers want to sell 7.44 million vehicles.
The Hyundai Motor Group, i.e. Hyundai together with Kia, is among the ten largest car manufacturers in the world.
Hyundai alone increased sales by 6.9 percent to 4.22 million vehicles last year. This year, it wants to sell more than 4.24 million cars, including the luxury brand Genesis.
Kia sold a record 3.09 million cars last year. It was mainly helped by the demand for SUV models. This year, its goal is to increase sales to 3.2 million cars.
According to analysts, this year’s sales targets of both car companies seem to be achievable. However, economic problems, including high interest rates, can have a negative impact on automotive demand and profitability.
