SEOUL — Hyundai Motor and affiliate Kia forecast that their mixed international car gross sales will bounce practically 10 % in 2023, at the same time as final 12 months’s gross sales fell in need of goal attributable to provide chain disruptions.

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

The businesses mentioned they might goal international gross sales of seven.52 million autos this 12 months.

“Hyundai plans to develop market share and function profitability oriented companies by flexibly responding to market adjustments, accelerating its transition to electrification, responding to international environmental laws, and optimizing manufacturing, logistics and gross sales by area,” the corporate mentioned in a press release.

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

“Hyundai Motor and Kia are nonetheless seeing comparatively increased again orders of autos and automotive patrons are nonetheless ready in line to purchase vehicles regardless of the current 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 resembling 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 international gross sales together with its Genesis model elevated 1.4 % year-on-year to three.94 million items, helped by robust gross sales of Ioniq 5 and the profitable launch of Ioniq 6. The 2 all-electric fashions collectively had over 100,000 items of world gross sales in 2022.

Hyundai’s 2023 quantity goal is 4.32 million.

Kia mentioned its international quantity final 12 months rose 4.9 % to 2.9 million items and its goal for 2023 is 3.2 million.

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

Automotive Information Europe contributed to this report