Hyundai optimistic following 2022 sales growth


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Genesis, Hyundai and Kia eye 10 per cent combined growth, with supply chain problems set to ease.

The Hyundai Motor Group forecasts a near-10 per cent increase in its sales for 2023 as it approaches “the end of this long tunnel of Covid-19”.

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The motor company today announced its brands’ global sales performances for 2022: Hyundai (and fledgling offshoot Genesis) delivered 3,944,579 cars, while Kia managed 2,903,619.

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These figures represent a year-on-year growth of 1.4% and 4.6% respectively, despite challenges such as the semiconductor chip shortage and the looming threat of recession affecting both supply and demand for cars.

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Given each brand saw sales grow under such conditions, the Hyundai Group is targeting an overall increase of 9.8% – to 7.5 million cars – in 2023.

Speaking at the group’s new year town hall meeting, executive chair Euisun Chung remarked: “We are nearing the end of this long tunnel of Covid-19.” He added that the pandemic’s impact has been felt “far and wide, with increased interest rates, inflation and fluctuation in exchange rates”.

The success of the group’s electrification efforts – continuing with the global launch of the Hyundai Ioniq 6, as well as the arrival of the next-generation Hyundai Kona and the all-new Kia EV9 SUV – will be instrumental to further growth.

Software developments will be emphasised in each new car, with Hyundai and Kia adding over-the-air update functionality to all its models by 2025. New services will include level-three autonomous driving technology for the flagship Genesis G90 and Kia EV9, but this functionality will initially be limited to motorways in South Korea.

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“We’re also planning to commercialise robotaxis with level-four autonomous driving in North America,” added Chung, referring to the fleet of self-driving Hyundai Ioniq 5s launched with Uber in Las Vegas.

Alongside new electric models, the Hyundai Group also plans to capture a slice of the purpose-built vehicle (PBV) market, promising the arrival of new models later this year. Its first PBV – the Kia Niro Plus taxi, based on the previous-generation crossover – began sales in Korea in early 2022.

In 2025, the firm will launch its first PBV based on a ‘skateboard’ platform – such as E-GMP, used by the Genesis GV60, Hyundai Ioniq 5 and Kia EV6.

Closing the meeting, Chung said: “Amid uncertain external circumstances and the rapidly changing industry paradigm, the [Hyundai] Group, together, will continue to build trust by taking on challenges, and change proactively with a positive can-do spirit and thorough preparedness to make a new leap and achieve sustainable growth.”


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