Hyundai, Kia aim to outpace industry growth in 2023

The Hyundai Motor Group is aiming to boost sales by 10% this year from 2022, above an estimated single-digit growth in the global automotive market.

The parent group of Hyundai Motor Co. and Kia Corp. are projected to have risen to third in terms of global market share in 2022, selling 6.8 million units in aggregate. Their combined sales increased 2.7% on-year, according to the two companies' regulatory disclosures on Jan. 3.

If the automotive group moves up to third place, it would be the first time the South Korean carmaker ranks in the global top three.

The 2022 sales figure falls short of its 2022 target of 7.47 million units, hit by production disruptions caused by semiconductor shortages.

However, the Hyundai Motor Group set an ambitious target for this year to outstrip global industry growth. It is aiming to sell 7.52 million units in 2023, up 9.8% from last year’s actual sales volume.

The target is twice more than a 4.8% increase to 88.3 million units in industry-wide global car sales in 2023, estimated by the Korea Automobile Manufacturer Association.

If its 2023 target is met, Hyundai Motor Group’s sales will likely reach the 7 million level for the first time since 2019, when it sold 7.2 million units.

Hyundai Motor Group's 2022 car sales and 2023 targets (in units)
	Hyundai Motor	Kia
Domestic sales	688,884	541,068
Global sales	3,255,695	2,362,551
Total	3,944,579	2,903,619
Year-on-year increase	1.4%	4.6%
2023 sales target	4,321,000	3,200,000

Behind Hyundai’s aggressive target is an estimated 10% sales growth in both Europe and the US, its core markets. 

In France, Hyundai beat homegrown Renault Group last year to become the third-largest player for the first time as a Korean carmaker.

In the US, Hyundai is expected to remain fifth for a second consecutive year by sales.

At home, its top-selling model was Kia’s mid-size sports utility vehicle Sorento, selling 68,902 units in 2022. It marked the first time an SUV became a best-selling model in the country.

Other popular models include the Hyundai Grandeur sedan, the Kia Carnival SUV, Hyundai's compact Avante, the Kia Sportage SUV, the Hyundai Palisade SUV and Hyundai's mid-size sedan Sonata. 

Write to Hyung-Kyu Kim at khk@hankyung.com
Yeonhee Kim edited this article.