Hyundai and Kia have said it seeks to boost global sales by 10% this year

Key takeaways: 

• The carmaker, which owns Kia, missed 2022 marks amid a lack of chips and other essential parts.
• The global supply of semiconductor chips, which control cars’ electronics, has been broken somewhat because of Covid constraints in China, which have deterred manufacturers’ capacity to keep up with needs.

The carmaker of Hyundai and Kia has said it seeks to boost global sales by 10% this year as the firm revs its change to electric cars.

Supply chain issues and Hyundai’s sales target: 

Hyundai Motor Company’s new predictions come despite failing to reach its sales marks for 2022 because of supply chain troubles that resulted in a need for semiconductor chips and other essential car parts.

The global supply of semiconductor chips, which control cars’ electronics, has been broken somewhat because of Covid constraints in China, which have deterred manufacturers’ capacity to keep up with needs.

However, the South Korean carmaker said it intended to “grow market share and drive profitability-oriented businesses” in 2023, somewhat by “flexibly answering to market changes, revving its change to electrification,” and answering to new environmental laws.

Comparisons with the 3.9m vehicles it sold in 2022:

The firm, which makes the famous Ioniq 5 and EV6 electric automobiles, said it would even reach its targets by optimising its production operations, logistics and sales by region.

The carmaker, whose Kia and Hyundai vehicles are among the bestselling car brands in the UK and account for approximately 11.5% of the market, said it sought to sell 4.3m cars globally in 2023.

That compares with the 3.9m cars it delivered in 2022. Its sales last year scored a 1.4% growth from 2021 but were short of its 4.01m target that had been revised down in September from 4.3m.