April 27, 2024

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[THE INVESTOR] Hyundai Motor Group said on Jan. 2 they are targeting to sell a combined 7.55 million vehicles this year as slowing global economic growth weighs on demand in major markets.

Hyundai Motor and its affiliate Kia Motors have set an annual sales target for this year, after missing their combined sales goal of 8.25 million cars last year, the group said in a statement.

“With low global economic growth and spreading protectionism in major trading partners, (Hyundai Motor Group) has to be quick in responding to rapidly changing business environments and taking the lead in future vehicle technologies,” Chairman Chung Mong-koo said in New Year message to employees.

The group aims to have 38 kinds of environment-friendly vehicles in its lineup, including 14 pure electric cars, by 2025.

In regards to the annual sales targets, Hyundai Motor Vice Chairman Yoon Yeo-chul said in New Year speech to employees that the group expects weak global growth this year due to shrinking demand in the United States, China and Europe. 

The sedan-heavy automaking group is belatedly beefing up its lineup with sport utility vehicles to meet the growing demand. It is now putting a bigger focus on reviving sales by launching new and upgraded SUVs this year mainly in major markets such as the US and China.

By Alex Lee and newswires (alexlee@heraldcorp.com)