Hyundai Motor, South Korea's leading car manufacturer, reported a 6.9% increase in sales for the year 2023 compared to the previous year, reaching a total of 4,216,680 vehicles. This growth was attributed to the successful launch of new sport utility vehicle (SUV) models and the expansion of the company's eco-friendly car lineup.
The domestic market saw a substantial rise of 10.6% in sales, with 762,077 units sold, while overseas shipments increased by 6.2% to reach 3,454,604 units. Hyundai credited its strengthened performance in North America and Europe to the introduction of competitive new models and the reinforcement of its eco-friendly vehicle range.
Hyundai Motor Group, in a regulatory filing, outlined its goal to achieve a combined sales figure of 7,443,000 vehicles for Hyundai Motor and Kia in the current year, representing a 1.9% increase over the group's combined sales in 2023.
Kia, Hyundai's smaller auto affiliate, also reported record-breaking sales for 2023, reaching approximately 3.08 million units. The surge in demand for its SUV models drove Kia's sales to new heights, with 3,085,771 vehicles sold, up from 2,901,797 units in the previous year.
Overseas shipments for Kia rose by 6.7% to 2,516,383 units, while domestic sales increased by 4.6% to 556,660 units. Notably, the Sportage emerged as the most popular model in overseas markets, selling around 520,000 units, while the Sorento claimed the top spot in domestic sales, shipping 85,811 units.
The success of both Hyundai Motor and Kia in 2023 reflects the positive reception of their new models and the growing demand for eco-friendly vehicles in key markets.
(With Agency Inputs)
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