Hyundai, Kia Expect To Increase Global Sales By 2% In 2024

Hyundai sold a record number of cars in the United States in 2023 for the third year in a row, and the company anticipates that this trend will continue through 2024.

With 7.3 million sold overall as of January 3, Hyundai and its affiliate Kia fell just short of their combined goal of 7.52 million vehicles.

Consequently, the pair missed their aggregate goal by about 3%. However, both automakers are still eager to boost their yearly worldwide sales in 2024—Holder is aiming for 4.24 million units, while Kia is targeting 3.2 million.
Industry analysts predict that both companies will meet their sales targets, but demand and profitability could be impacted by a number of economic factors, including rising interest rates and expanding incentives.

Shin Yoon-chul, an analyst at Kiwoom Securities told Reuters, "Compared to Kia, Hyundai's objective appears to be more cautious." Kia intends to introduce new EVs this year, but we must also consider how the recent slowdown in global EV sales growth will play out."

Furthermore, Hyundai Executive Chair Euisun Chung stated, "The best strategy is to earn our customers' full trust, not to quickly follow our competitors." We must be ready to turn external challenges into opportunities in order to achieve long-term sustainable growth."