While automakers across the globe continue to struggle with sales and profits, some are diving headfirst into a new era. As we've noted for years, Hyundai appears to have precisely what it takes to bring a full lineup of compelling EVs to market, and it's moving more quickly of late. Thanks to being able to arguably reinvent itself as a brand of the future, the South Korean automaker says it will grow its sales by 10 percent in 2023.
Tesla, one of the few successful startups and EV-only brands, said in 2020 it would grow sales by 50 percent annually going forward. It wasn't quite able to pull off 50 percent growth from 2021 to 2022, but it did hit over 40 percent, which is huge.
That said, Hyundai's goal to grow by 10 percent just this year is also huge. It may not seem like much, but considering the current circumstances, along with the fact that automakers typically don't grow this much (most have actually been down significantly), this is a lofty and exciting development.
Hyundai has transformed from being a small, budget-friendly car brand to a relatively major player in the global automotive industry. Not to mention its control over Kia, which has seen notable successes as well. Both brands are beginning to bring purpose-built EVs to market with plenty of range, quick charging capability, praiseworthy performance, and excellent versatility. Genesis, Hyundai's luxury division is also on board and already delivering on its promises.
As Hyundai Motor Group moves forward with its transition to EVs, it will potentially have many more popular models to sell. People who may not have considered the brand in the past may be drawn to it specifically for its lineup of impressive yet affordable electric cars and SUVs.
According to Teslarati via Reuters, Hyundai Motor Group sold nearly 7 million cars across the globe in 2022. It hoped to sell over 7 million, but it fell short, albeit only slightly. If it can reach its goal of 10 percent delivery growth for 2023, the group will add nearly 700,000 vehicle sales on the year, with a growing number of those vehicles being emissions-free. A Hyundai spokesperson shared the following official statement with Reuters:
“Hyundai plans to expand market share and operate profitability-oriented businesses by flexibly responding to market changes, accelerating its transition to electrification, responding to global environmental regulations, and optimizing production, logistics, and sales by region.”
Do you see Hyundai as one of the major EV players going forward? In your opinion, what must the automaker do to ensure success in the segment? It seems if it can live up to the words in the above statement, it should be on the right track. Leave us your words of wisdom in the comment section below.