How Hyundai is planning to beat last year’s sales volume

Hyundai and its subsidiary, Kia, now expect to beat last year’s sales volume by 670,000 units, achieving a total of 7.52 million.

In its statement, the Korean automaker cited its 2022 numbers, noting that it had managed to outsell the previous year by 1.4%, while still falling 4% short of its 7.16 million goal. This year, its projected sales volume is 10% higher. While certainly ambitious, Hyundai may have good reasons for such a high forecast.

More: Kia dealerships place last in customer sales satisfaction

The brand is likely basing this forecast on improvements in global supply chain disruptions and reviving demand from cautious consumers. While these changes have so far failed to instigate a total market recovery, the positive effect has still been palatable, as vehicle production, inventory numbers and sales volume have increased across the globe. Furthermore, anticipated changes this year, such as EV tax credits, set to begin applying this month, and halts to rate increases, likely to occur over the summer, will renew interest in the auto market from drivers who have been sitting on their money, waiting for the economy to normalize.

However, Hyundai still has challenges it will need to face in 2023, if it hopes to achieve its sales volume goals. Stock prices and investments have fallen significantly over the last two years, while car prices have shot up to record-highs. Kia and Hyundai also rank last in customer satisfaction, according to data from J.D. Power. While recovery is on everyone’s mind, and has a good chance of coming this year, no amount of optimism will magically improve the market. While rosy forecasts certainly improve morale, it remains to be seen what lengths the automaker is actually willing to go.

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