Hyundai Aims For 10% Global Sales Growth In 2023

According to preliminary data released by the South Korean automaker, Hyundai Motor Group's global sales increased by 2.7% to 6,848,198 units in 2022. This fell far short of the 7.47 million sales forecasted at the start of the year, with output hampered by ongoing supply chain disruptions and the company's exit from the Russian market.


Last year, the group, which includes the Hyundai, Kia, Genesis, and IONIQ brands, was estimated to be the world's third largest vehicle manufacturing group, trailing only Volkswagen Group and Toyota Motor. The total for 2022 includes 1,229,952 domestic sales and 5,618,246 units sold in international markets. Most other regions, including Europe, North and South America, and India, saw strong growth.

Hyundai and Genesis global sales increased by 1.4% to 3,944,579 units, while Kia sales increased by 4.6% to 2,903,619 units, thanks to strong demand for SUVs like the Sportage and Sorrento.

The company revealed that it has set a target of nearly 10% growth in global sales to 7.52 million vehicles by 2023, representing a significant outperformance compared to the global vehicle market's expected single-digit growth. According to the Korea Automobile Manufacturer Association, global vehicle sales will increase by 4.8% this year to 88.3 million units.

Hyundai Motor anticipates selling 4,321,000 vehicles in 2023, while Kia Corporation anticipates selling 3,200,000 units. The group's continued aggressive push into the electric vehicle (EV) segment, with popular models such as the Ioniq6 and the Kia EV6, is expected to drive growth.