Hyundai Hits Milestone: Projected to Surpass 100 Million Units in Cumulative Sales by 2023

Hyundai Hits Milestone: Projected to Surpass 100 Million Units in Cumulative Sales by 2023

Hyundai Motor, the leading carmaker in South Korea, announced on Monday that it is largely expected to exceed cumulative shipments of 100 million units this year since its first sales in 1968.

According to Hyundai Motor, the automaker sold 97 million cars in total until 2023, with 73 million of those sales occurring abroad.

Industry observers forecast that the company will accomplish a significant milestone in 2024 by exceeding cumulative sales of 100 million units, probably by September, since it has set its annual sales target at 4.24 million units for this year.

Hyundai began selling cars domestically in 1968 and began exporting them in 1976, according to the news agency.

With cumulative sales of 15.1 million units, the Avante compact was the most popular model up to this point. The Accent subcompact and Sonata sedan came in second and third, respectively, with 9.95 and 9.39 million units sold.

In contrast, data released on Monday revealed that 9.3% of newly purchased cars in South Korea were electric vehicles, which is higher than the percentage in other major countries like the US and Japan.

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The Ministry of Land, Infrastructure, and Transport’s data shows that in 2023, electric vehicles (EVs) accounted for 162,507 of the 1.74 million cars sold in Korea.

The ratio increased significantly from the meager 1.9% recorded in 2019.