Hyundai, Kia aim to increase global sales by 2% in 2024

For the third consecutive year, Hyundai sold a record number of vehicles in the U.S. in 2023 and expects the momentum to continue throughout 2024.

On January 3, Hyundai and its affiliate Kia sold a total of 7.3 million units, falling slightly short of their combined target of 7.52 million vehicles. As a result, the duo fell short of their combined target by approximately 3%. Yet, both automakers remain keen to increase their annual global sales in 2024, with Hyundai targeting 4.24 million units and Kia aiming for 3.2 million units. 

While industry analysts believe that the projected sales targets of both firms are achievable, some economic factors, such as high interest rates and growing incentives, are likely to impact demand and profitability.

Shin Yoon-chul, an analyst at Kiwoom Securities told Reuters, “Compared to Kia, Hyundai’s objective seems to be more cautious. Kia plans to introduce new EVs this year, but we also need to consider how the recent slowdown in the growth of EV sales worldwide will play out.” 

Furthermore, Hyundai’s Executive Chair Euisun Chung said, “The best strategy is earning the full trust of our customers, not quickly following our competitors. We must be prepared to turn these external challenges into opportunities and achieve long-term sustainable growth.”

Hyundai Motor’s America division reported total December sales of 75,164 units, a 4% increase compared with December 2022 and the highest December sales total in company history.

“We finished 2023 with record-breaking total and retail sales and continued a trend initiated almost two years ago by consistently increasing monthly total sales in response to the surge in consumer demand for our products,” said Randy Parker, CEO of Hyundai Motor America.