Breaking Down Hyundai’s Plan to Sell 4.Million Cars in 2024

SHABAZ PASHA

Both Korean brands posted solid 2023 sales results.

As the automotive industry reflects on the past year, sister brand Kia also celebrated a successful 2023, achieving a global sales record by delivering 3,085,771 cars worldwide, marking a notable 6.3 percent increase. Kia experienced a surge in demand, with Korean sales rising by 4.6 percent to 538,822 cars and overseas markets witnessing a 6.7 percent growth to 2,516,383 units. Special purpose vehicle sales, including models like the Niro Plus adapted for taxi and ride-hailing services, reached 3,932 units, indicating a substantial 45.7 percent increase from 2022. Looking ahead, Kia aims to ship 3.2 million vehicles globally, with 530,000 destined for Korea, 2.63 million for export markets, and 7,000 for special purpose vehicles.

While neither Hyundai nor Kia has disclosed details about forthcoming products in 2024, recent updates include the mid-cycle facelift for the Tucson in its domestic market, likely to see a global rollout soon. Additionally, a compact Casper EV may find its way to Europe, where a facelift for the Bayon is underway. Furthermore, an update for the compact i30 is in progress, and anticipation builds for the unveiling of the production-ready Ioniq 7.

The sister brand Kia also experienced a remarkable 2023, achieving a global sales record by delivering 3,085,771 cars worldwide, marking a notable increase of 6.3 percent. The demand in Korea saw a rise of 4.6 percent, reaching 538,822 cars, while overseas markets witnessed a surge of 6.7 percent, totaling 2,516,383 units. Kia maintains a separate record for “special purpose vehicle” sales, accounting for 3,932 units, reflecting a substantial 45.7 percent increase from 2022. Notably, the Niro Plus, based on the previous-generation model and adapted for taxi and ride-hailing services, is part of this category.

Pending any unforeseen changes, Kia aims to ship 3.2 million vehicles globally in the upcoming period: 530,000 in Korea, 2.63 million in export markets, and 7,000 special purpose vehicles.

While there is no official information from Hyundai or Kia about upcoming products in 2024, the recently facelifted Tucson is expected to have a global release soon. Additionally, the compact Casper EV may make its way to Europe, where a facelift for the Bayon is reportedly in progress. Another update is in store for the compact i30, and the production-ready Ioniq 7 is anticipated to be revealed.

Notably, the Santa Fe has undergone significant changes for the year 2024. In China, the Mufasa model was introduced, reinforcing the abundance of crossovers in the lineup. Meanwhile, in India, a fresh Verna small sedan has been unveiled for those who haven’t yet succumbed to the SUV trend.

Kia has also been actively updating its lineup, with facelifts for the K5, Sorento, and Carnival, along with the announcement of the EV3, EV4, and EV5 electric vehicles. Depending on the region, a new K3 compact sedan and an enhanced Picanto are among the latest offerings. Furthermore, Kia is gearing up for a potential release of a sedan, likely named K4, to succeed the Forte.