South Korean auto conglomerate Hyundai Motor Group has set this year’s sales target at 7,473,000 units, 12.1 percent higher than last year, on expectations for stronger demand for green cars, sport utility vehicles and premium Genesis models amid easing in virus and chip bottleneck setbacks.

According to disclosure on Monday, Hyundai Motor Co. targets to sell 4,323,000 units globally this year, and its sibling Kia Corp. 3,150,000 units, which would be 12.1 percent greater than last year’s sales of 6,668,037 units.

They failed to meet annual sale target last year due to output disruption from global chip shortage – Hyundai sold 3,890,987 units and Kia 2,777,056 units.

Hyundai Motor this year aims to sell 732,000 units at home and 3,591,000 units abroad, gaining 0.7 percent and 13.5 percent, respectively from last year. Kia targets to sell 562,000 units locally and 2,588,000 units overseas, up 5.0 percent and 15.4 percent on year.

The two are pinning hope for more favorable conditions this year from easing in virus and chip shortage situation. The global auto shipments this year are projected to expand an average 7.6 percent – 5 percent in the U.S., 9.3 percent in Europe, 5.9 percent in India, and 8.3 percent in Brazil, according to estimates by Hyundai Motor Group’s market research and strategic planning institute HMG Business Research Center.

To achieve this year’s target, Hyundai Motor Group plans to focus on Genesis and SUV sales in the U.S. and eco-friendly vehicles in Europe. In Indonesia, Hyundai Motor’s newly built plant will become fully operational from early this year to produce Creta compact SUV and then Ioniq 5.

EV lineup will also be expanded with new released coming out this year – Ioniq 6, Genesis GV70 Electrified, Niro EV, and the performance variant of Kia’s EV6. The new Genesis G90 to be applied with Level 3 autonomous driving technology will come out in the second half of the year.

By Pulse

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