It is possible to return to growth in 2024. They are fully aware of it Hyundai and KIA, ready to raise their heads again after a 2023 that saw them miss their sales targets. But this year could represent a new relaunch on the market for the two Korean companies: forecasts speak of an increase in combined global registrations of around 2%, concretely this would correspond to volumes of 7.44 million vehicles sold throughout the year.
Complicated economic context
As mentioned, in the year just ended Hyundai and KIA failed to reach the pre-established targets: A total of 7.3 million vehicles were delivered worldwide, 3% less than the combined target of 7.52 million. The reasons for this decline are different: according to Reuters, however, the responsibility must be attributed largely to a difficult economic contextcharacterized by rising interest rates and inflation, which has pushed vehicles out of reach for some buyers.
Growth estimates
“We intend to hire a leading role in electrification and focus on maximizing profitability by strengthening our global electric vehicle manufacturing infrastructure – Hyundai said – We also want to establish flexible business strategies to adapt to market changes and strengthen preventive risk management capabilities.” It must be said that for its part KIA did not fare badly in 2023: 3.09 million vehicles sold globally, new annual record for the Korean giant whose previous best performance dates back to 2014, with deliveries of 3.04 million units. Looking ahead to 2024, Hyundai is aiming for an increase in registrations of 0.6%, while KIA is aiming for 4%.
#Hyundai #KIA #grow #FormulaPassion
