SEOUL — Hyundai Motor and affiliate Kia forecast that their mixed world automobile gross sales will soar practically 10 p.c in 2023, whilst final 12 months’s gross sales fell wanting goal attributable to provide chain disruptions.

The businesses bought 6.85 million automobiles in 2022, about 4 p.c lower than their mixed goal of seven.16 million automobiles, largely attributable to issues together with chip and element shortages.

The businesses mentioned they’d goal world gross sales of seven.52 million automobiles this 12 months.

“Hyundai plans to increase market share and function profitability oriented companies by flexibly responding to market adjustments, accelerating its transition to electrification, responding to world environmental laws, and optimizing manufacturing, logistics and gross sales by area,” the corporate mentioned in an announcement.

Analysts mentioned the gross sales targets of the 2 firms for this 12 months seem like aggressive however achievable, contemplating pent-up demand for automobiles.

“Hyundai Motor and Kia are nonetheless seeing comparatively greater again orders of automobiles and automotive consumers are nonetheless ready in line to purchase vehicles regardless of the latest financial atmosphere…with that demand within the image, the businesses seem like assured,” mentioned Kim Gwi-yeon, an analyst at Daishin Securities.

Kim, nonetheless, added that financial obstacles akin to excessive rates of interest may dampen automotive gross sales, particularly within the second half of the 12 months after pent-up demand softens.

Hyundai mentioned its 2022 world gross sales together with its Genesis model elevated 1.4 p.c year-on-year to three.94 million models, helped by sturdy gross sales of Ioniq 5 and the profitable launch of Ioniq 6. The 2 all-electric fashions collectively had over 100,000 models of worldwide gross sales in 2022.

Hyundai’s 2023 quantity goal is 4.32 million.

Kia mentioned its world quantity final 12 months rose 4.9 p.c to 2.9 million models and its goal for 2023 is 3.2 million.

The Sportage crossover topped its 2022 world gross sales rating with 452,068 models bought, adopted by the Seltos with 310,418 models and the Sorento with 222,570 models.

Automotive Information Europe contributed to this report