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By Moses Akaigwe,
Hyundai Motor Company (Hyundai) has announced total global sales of 4,216,680 vehicles in 2023, marking a 6.9 percent increase compared with its 2022 performance.
Despite a continued rise in interest rates and global inflation, along with the consequent adverse market expectations in the automotive industry, Hyundai saw a significant sales increase in overall global markets, especially in Korea, North America, Europe, and India.
Following the launch of new SUVs, such as the all-new Kona and the all-new SANTA FE, and the expansion of its electric vehicle lineup, Hyundai achieved annual sales of 762,077 vehicles in Korea, a 10.6 percent increase year-on-year — while overseas sales reached 3,454,603 units, a 6.2 percent increase year-on-year.
In December 2023, Hyundai sold 342,919 units globally, comprising 280,747 units in overseas markets and 62,172 vehicles in Korea.
In 2024, Hyundai is aiming to achieve global sales of 4.24 million units, including its Genesis luxury brand. The company will optimize its product portfolio and vehicle supply management for each region, targeting the sale of 3.54 million units in overseas markets and 704,000 units in Korea.
Hyundai plans to take lead in electrification and focus on optimizing profitability by strengthening its global electric vehicle (EV) production infrastructure, establishing flexible business strategies to adapt to market changes, and reinforcing preemptive risk management capabilities.
Hyundai Motor is represented in Nigeria by Hyundai Motor Nigeria Ltd which assembles a range of the vehicles at a plant in Lagos.
