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Bloomberg
Hyundai Motor Co sold 3.94 million vehicles last year, short of its 4.01 million target as the pandemic, supply disruptions, inflation and concerns of recession continued to strain the industry.
Hyundai, which already cut its 2022 forecast from 4.32 million vehicles in October, expects global sales to reach 4.32 million units in 2023 — 3.54 million overseas and 781,000 in Korea, it said in a statement on Tuesday. Overall, its sales rose 1.4% last year.
Slow global economic growth and rising interest rates will hit demand for automobiles, Korea Investment & Securities analyst Kim Jin-Woo wrote in a note, cutting Hyundai’s price target by more than 11% to 230,000 won. Hyundai rose 1.3% to 159,000 won on Tuesday following a 4% gain January 2.
In a separate filing, affiliate Kia said it sold 2.9 million vehicles in 2022, up 4.6% from a year earlier.