This undated photo provided by Hyundai Motor Group shows the headquarters of Hyundai Motor Co. (L) and Kia Corp. (Image courtesy of Yonhap)
SEOUL, Oct. 20 (Korea Bizwire) — Hyundai Motor Group on Friday unveiled a goal to sell over 550,000 vehicles annually in the Middle East by 2030, with the aim of acquiring a 20 percent share of the regional market.
The group said in its newly announced mid- to long-term business vision for the Middle East that it envisions achieving sales of 350,000 units for Hyundai Motor Co. and 210,000 units for Kia Corp. by 2030.
To this end, the group aims to achieve 6.8 percent annual growth in sales on average starting this year to reach the 20 percent market share goal by 2030.
During the January-September period of this year, Hyundai and Kia sold some 163,000 units and 118,000 vehicles in the region, respectively. The combined figure represents 14.2 percent on-year growth in the market.
The group in particular is focusing on Saudi Arabia, the largest auto market in the Middle East.
According to the group, Saudi Arabia recorded 52 percent growth in the number of new car sales between 2018 and 2022, showing a stable increase compared with the overall market decline in neighboring countries.
Hyundai Motor also plans to more than double its Middle Eastern electric vehicle model lineup, currently consisting of six models, by 2027. Of its total sales in the regional, Hyundai seeks to bolster its proportion of EV sales to more than 15 percent by 2032.
Kia also plans to expand its regional EV offerings by increasing the current four model lineup to a total of eleven in the future, the group said.
(Yonhap)
