Hyundai, Kia predict big sales jump in 2023

STORY: Hyundai Motor and affiliate Kia are feeling bullish about 2023.

The South Korean auto giants on Tuesday (December 3) predicted their combined sales would jump almost 10% this year.

That's despite ongoing supply chain disruptions.

Last year, the pair sold 6.85 million vehicles, some 4% short of their target.

The deficit was largely due to a lack of computer chips and other key parts.

This year, the two firms expect global sales to exceed 7.5 million units.

In a statement, Hyundai said it planned to expand market share and speed up its transition to electric power.

Analysts called the goal aggressive but achievable.

Some see danger in high interest rates, however, which could deter consumers from making big purchases.

Hyundai shares closed up by 1.3% on Tuesday, with Kia doing a little better.