Hyundai Misses Full-Year Sales Target After Rise of Just 1.4%

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.

(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 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 Monday, cutting Hyundai’s price target by more than 11% to 230,000 won. Hyundai rose 1.3% to 159,000 won Tuesday following a 4% gain Monday.

In a separate filing, affiliate Kia said it sold 2.9 million vehicles in 2022, up 4.6% from a year earlier. Its overseas sales rose 5.4%, while those in Korea increased 1.1%.

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