Korean Brands Post Strong 2023 Sales
Hyundai and Kia achieved remarkable successes in 2023, with sales bolstered by a notable 6.9% augment to 4,216,680 vehicles. Admirably, domestic trade augmented it’s total to 688,884 belongings, representing a 10.6% enlargement on 2022’s figure; exports resembling climbed 6.2% to 3,254,038 units. Nonetheless, the pair are now setting higher ambitions for the forthcoming year of 2024.
Hyundai has set forth an ambitious plan for the year 2024, with the goal of moving 4.243 million vehicles all over the world. This includes selling 704,000 cars in South Korea and 3.539 million units across other areas. Notably, these projected figures include luxury models that bear the Genesis label.
Kia had a remarkable 2023, setting a global sales record of 3,085,771 cars. This was an increase of 6.3 percent from the previous year. In Korea, sales rose by 4.6 percent to 538,822 cars, while overseas markets saw a 6.7 percent increase to 2,516,383 units. Additionally, Kia’s “special purpose vehicle” sales rose by 45.7 percent to 3,932 units. One example is the Niro Plus, which is a modified version of the previous-generation model and is used for taxi and ride-hailing services.
As long as all progresses according to scheme, Kia is scheming to circulate 3.2 million vehicles across the multinational confines: 530,000 inside Korea, 2.63M in exported commercial centers, and 7,000 special purpose conveyances.
Neither Hyundai nor Kia are concerning themselves with potential offerings, yet the Tucson has recently been granted a mid-cycle alteration in its homeland, and is expected to make an international appearance within the near future. There are whispers of a downsized Casper EV possibly heading to the European market; concurrent with that, a Bayon facelift might be in the process of being developed. Additionally, a renovation of the compact i30 is allegedly in the works, and finally, the much anticipated Ioniq 7 ought to materialise for production shortly.
Let us not forget that the Santa Fe has undergone a significant transformation for 2024. Evidently, there’s never such a thing as having an excessive amount of crossovers, which is why China got the Mufasa. Moreover, India has unveiled the new Verna small sedan, ideal for those who have yet to contract the SUV obsession.
Kia has been hard at work giving the K5, Sorento, and Carnival a transformation while introducing their EV3, EV4, and EV5 electric vehicles. Depending on the market, they have a new K3 compact sedan, an improved Picanto, together with other trends. There is also a potentially forthcoming sedan that could be known as the K4 to substitute the Kia Forte.
Sources: Hyundai, Kia
