Hyundai and Kia last year performance
Last year’s sales were lower than anticipated because of issues in the supply chain. South Korean automakers Hyundai and Kia Motor Co. projected Tuesday that their combined global sales for 2023 will increase by nearly 10% from the previous year.
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Due to issues like chip and component shortages, companies only managed to sell 6.85 million vehicles in 2022, about 4% less than their combined target of 7.16 million vehicles. They anticipated 7.52 million vehicle sales worldwide in 2018.
The two companies have ambitious annual sales goals, but industry experts say they’re doing due to pent-up demand for automobiles.
According to Diashin Securities Research
A research analyst at Daishin Securities, Kim Gwi-yeon, made the following observation: “Hyundai Motor and Kia are still seeing relatively higher back orders of vehicles, and car buyers are still
Despite gains of 1.3% and 1.5% for Hyundai Motor and Kia, respectively, the KOSPI dropped 0.3%.
Hyundai Motor decreased its 2022 global sales goal by 7%, to 4.01 million vehicles, in October.
This from Reuters: HAONG KONGDespite sales falling short of target last year due to supply chain disruptions, Hyundai Motor Co. and affiliate Kia Corp. of South Korea predicted Tuesday that their combined global sales will increase by nearly 10% in 2023.
Due to issues like chip and component shortages, companies only managed to sell 6.85 million vehicles in 2022, about 4% less than their combined target of 7.16 million vehicles.
They anticipated 7.52 million vehicle sales worldwide in 2018.
Hyundai and Kia Motor “plans to expand market share and operate profitability-oriented businesses” by “optimizing production, logistics, and sales by region,” “responding to global environmental regulations,” and “accelerating its transition to electrification.”
Given the pent-up demand for automobiles, analysts think the two companies’ sales goals for this year are ambitious but doable.
Kim Gwi Yeon and Daishin Securities Point of View
Kim Gwi-yeon, an analyst at Daishin Securities, says that “with that demand in the picture, the companies appear to be confident” despite the current economic climate because “Hyundai Motor and Kia are still seeing relatively higher back orders of vehicles and car buyers are Kim warned that once pent-up demand subsides in the second half of the year, economic obstacles like high-interest rates could dampen sales of automobiles.
Due to issues like chip and component shortages, companies only managed to sell 6.85 million vehicles in 2022, about 4% less than their combined target of 7.16 million vehicles.
They anticipated 7.52 million vehicle sales worldwide in 2018.
Given the pent-up demand for automobiles, analysts think the two companies’ sales goals for this year are ambitious but doable.
Even though the economy is in the toilet, “Hyundai Motor and Kia are still seeing relatively higher back orders of vehicles, and car buyers are still waiting in line to Kim warned that once pent-up demand subsides in the second half of the year, economic obstacles like high-interest rates could dampen sales of automobiles.
Despite gains of 1.3% and 1.5% for Hyundai Motor and Kia, respectively, the KOSPI dropped 0.3%.
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