Hyundai Sold More Than 4.2 Million Units Worldwide In 2023

Hyundai Motor Company has released its global sales data for 2023. The South Korean brand sold more than 4.2 million units worldwide, with a growth of 7 per cent compared to 2022. Hyundai claims its annual revenue rose by 14.4 per cent to $121.79 billion (roughly ₹10,12,223 crore). 

Of the total 4.2 million units sold, South Korea comprised 762,000 units sold, while Hyundai sold more than 3.4 million units in other markets. With this, Hyundai earned a net profit of $9.18 billion (roughly ₹76,339 crore). Throughout the year, Hyundai sold more than 695,000 electrified vehicles including close to 269,000 and 374,000 million units of EVs and hybrids, respectively. 

In the fourth quarter of 2023, i.e. October to December, Hyundai sold more than 1 million units, of which close to 199,000 were sold in South Korea alone. Also, the sales in the last quarter of 2023 registered a growth of 4.9 per cent compared to the same period in 2022. Hyundai said this was backed by strong demand in North America, Europe and India. Furthermore, in the last quarter of 2023, Hyundai sold more than 173,000 electric vehicles globally (including commercial vehicles), with a year-on-year growth of 27.7 per cent. Of these, EVs accounted for around 58,000 units, with the rest being hybrids. 

Hyundai is planning a revenue growth of around four to five per cent in 2024. Furthermore, it has plans to invest $9.28 billion (roughly ₹77,132 crore), which includes $6.2 billion (roughly ₹51,712 crore) allotted for capital expenditure, $4.19 billion (roughly ₹34,833 crore) invested in research and development and $1.42 billion (roughly ₹11,818 crore) earmarked for strategic investments. 

Furthermore, Hyundai is also planning to increase sales of its electrified vehicles by increasing awareness about the Ioniq sub-brand and hybrid vehicles. It also plans to optimise its revenue and profitability by expanding its market share with SUVs and the Genesis luxury brand.