The year 2024 dawns with Korean auto giants setting the stage for another year of growth, setting Hyundai and KIA sales targets of 8 million, building upon their successful 2023 performances and outlining bold sales targets. Both brands had impressive figures from the past year, and their aspirations for the new year reflect their firm commitment to expansion and innovation.
Hyundai Eyes Continued Momentum in 2024
Hyundai closed 2023 with a 6.9% sales increase, delivering 4,216,680 vehicles globally. Domestically, the brand saw a healthy 10.6% sales bump, pushing units to 688,884. Exports also flourished, rising 6.2% to 3,254,038 units compared to 2022. Building on this solid performance, Hyundai sets its sights on 4,243,000 cars in 2024, aiming to sell 704,000 within South Korea and 3,539,000 internationally. Notably, these Hyundai and KIA sales targets contain projects of luxury EV vehicles under the Genesis banner.
KIA Shatters Records, Pursues Further Growth
KIA enjoyed a record-breaking 2023, setting a new global sales high of 3,085,771 cars, a 6.3% surge compared to the previous year. Domestic demand increased by 4.6% to 538,822 units, while overseas markets witnessed a 6.7% rise to 2,516,383 units. Additionally, KIA reported a 45.7% increase in “special purpose vehicle” sales, totalling 3,932 units. Such vehicles include the Niro Plus, based on the previous-generation model and modified for taxi and ride-hailing duties.
KIA looks towards 2024 with confidence, targeting global sales of 3.2 million units. The breakdown involves 530,000 vehicles in Korea, 2.63 million in export markets, and 7,000 special purpose vehicles.
Strategies to Reach Hyundai and Kia Sales Target
While neither Hyundai nor KIA openly revealed their 2024 product roadmaps, whispers and clues are surfacing around the globe among tech enthusiasts. To reach Hyundai and Kia sales target, the companies plan to launch new products and focus primarily on electric vehicles as their demands grow. The recently facelifted Tucson in South Korea is expected to reach global markets soon. Rumors suggest a diminutive Casper EV gracing European shores alongside a Bayon facelift. A refreshed i30 compact and the highly anticipated production-ready Ioniq 7 are also on the docket.
Beyond these updates, Hyundai still has its SUVs. The Santa Fe received a radical makeover for 2024, while China welcomed the Mufasa, proving there needs to be more room for another crossover. The new Verna small sedan caters to those yet to surrender to the SUV craze in India.
KIA hasn’t been idle either, pampering the K5, Sorento, and Carnival with facelifts while announcing the arrival of the EV3, EV4, and EV5 electric vehicles. Depending on the market, a new K3 compact sedan and an updated Picanto are also present. A KIA Forte-replacing sedan, potentially dubbed the K4, also whispers of its upcoming debut.
A Strong Foundation for Continued Success
Hyundai and KIA sales target of 8 million is the goal in 2024, with a spring in their step, strengthened by impressive 2023 performances and ambitious targets of 8 million sales for the new year. With a good mix of established models, exciting new releases, and firm ambition, these Korean giants are set to solidify their positions as significant players in the global automotive landscape. As the year unfolds, their stories of Hyundai and KIA sales targets will surely be worth watching, filled with twists, turns, and exciting new chapters in the ever-evolving world of automobiles. So, stay tuned for more updates.
