The photo shows Hyundai Motor’s and Kia’s headquarters in Yangjae, southern Seoul. (Image provided by Hyundai Motor Group)
SEOUL, Jan. 3 (Korea Bizwire) – In a remarkable performance, Hyundai Motor Co., South Korea’s largest carmaker, reported a 6.9 percent surge in 2023 sales compared to the previous year.
Bolstered by the introduction of new sport utility vehicle models and eco-friendly cars, Hyundai Motor achieved a total sales figure of 4,216,680 vehicles, showcasing the company’s commitment to innovation and sustainability.
The robust growth was attributed to a 10.6 percent year-on-year increase in domestic sales, totaling 762,077 units, and a 6.2 percent rise in overseas shipments, reaching 3,454,604 units.
Hyundai’s strategic focus on North America and Europe played a pivotal role in this success, with competitive new models and a reinforced eco-friendly vehicle lineup contributing to strengthened sales in these regions.
Looking ahead, Hyundai Motor Group outlined its ambitious target to sell a combined total of 7,443,000 vehicles under Hyundai Motor and Kia in the coming year, reflecting a 1.9 percent increase over the group’s combined sales in 2023.
Meanwhile, industry data revealed that the combined sales of South Korea’s top carmakers surpassed the 8 million mark, marking a 7.5 percent growth from the previous year.
Hyundai and Kia, as industry leaders, contributed significantly to this milestone, recording 6.9 percent and 6.3 percent year-on-year sales growth, respectively.
Last year’s most popular vehicle model in South Korea was Hyundai’s Grandeur sedan, selling 113,062 units to become the sole model to surpass 100,000 units in 2023.
General Motors Korea and KG Mobility (formerly Ssangyong Motor Co.) also posted notable gains, with 30.3 percent and 2.2 percent year-on-year sales increases, respectively. However, Renault Korea Motors experienced a 38.5 percent decline in sales, selling 104,276 units due to weakened demand both overseas and domestically.
The standout vehicle of 2023 in South Korea was Hyundai’s Grandeur sedan, surpassing 100,000 units sold with a total of 113,062 units, highlighting its popularity among consumers.
As South Korean automakers navigate a dynamic market, these developments underscore the industry’s resilience and Hyundai’s leading role in shaping its future.
Kevin Lee (kevinlee@koreabizwire.com)
