International Finance

Hyundai & Kia achieve record-breaking sales in 2023

IFM_Hyundai Motor
Hyundai Motor sold 4,216,680 vehicles last year, which is higher than the 3,942,922 units sold in 2022

Hyundai Motor, the largest carmaker in South Korea, announced that it experienced a 6.9% increase in sales in 2023 compared to the previous year. This growth was attributed to the launch of new sport utility vehicle models and eco-friendly cars.

According to a statement by the company, Hyundai Motor sold 4,216,680 vehicles last year, which is higher than the 3,942,922 units sold in 2022. The increase in sales can be attributed to the strong demand for new SUVs and the expansion of its eco-friendly model lineup.

The company’s domestic sales also recorded a 10.6% year-on-year growth, with 762,077 units sold. Meanwhile, overseas shipments increased by 6.2% to 3,454,604 units, as reported by Yonhap news agency.

A representative from Hyundai stated that the company was able to improve sales in North America and Europe by launching new models and reinforcing its eco-friendly vehicle lineup.

According to a regulatory filing by Hyundai Motor Group, they plan to sell a total of 7,443,000 vehicles under Hyundai Motor and Kia combined in 2024, which is a 1.9 per cent increase from their combined sales in 2023.

Meanwhile, Kia, which is a smaller auto affiliate of Hyundai Motor, announced that it reached a record high of 3.08 million units in sales for 2023 due to the increased demand for their SUV models overseas.

According to a statement released by Kia, the company sold 3,085,771 vehicles in the last year. This marks an increase from the 2,901,797 units sold in the previous year. The boost in sales was mainly due to the popularity of its Sportage, Seltos and Sorento SUV models. Kia’s previous record had been 3.03 million units sold in 2014.

Foreign exports rose by 6.7 per cent over the previous year, reaching 2,516,383 units. Meanwhile, domestic sales saw a 4.6 per cent increase, totalling 556,660 units.

Kia reported that the Sportage was the most popular model among foreign buyers, with approximately 520,000 units sold. In South Korea, the Sorento was the top-selling model with 85,811 units shipped.

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