SEOUL, Jan. 3 (BNA) The South Korean Hyundai Motor Company and its subsidiary Kia said Monday that they expect to exceed the 2022 sales target of 7 million vehicles.
A confident start to the new year is a huge improvement in 2021, when automakers missed their minimum sales target, in large part due to a global shortage of chips delaying auto deliveries for many manufacturers.
Hyundai Motor Group is the world’s fifth-largest automaker, and with Kia sales included, it has set a combined sales target of 7.47 million vehicles for 2022, according to figures provided by the two companies on Monday.
The sales target was 12 percent higher than the 6.67 million vehicles the two companies sold collectively last year.
Hyundai Motor said demand in the global auto market is expected to recover in 2022, adding that it aims to sell 4.32 million vehicles through “optimized business strategies for each region.”
In overseas markets alone, South Korea’s industry leader expects 3.59 million vehicles to be sold.
It added that last year it was able to “start the transition to electrification” thanks to the launch of its electric model Ioniq 5.
Hyundai aims to achieve a 10 percent share of the global battery electric vehicle market by 2025.
insult