Hyundai and KIA aim for 100,000 electric vehicle sales in 2024

Seoul (Uttam Hindu News) : Hyundai Motor and its affiliate Kia are poised to surpass a significant milestone this month, with combined electric vehicle (EV) sales expected to exceed 100,000 units. According to the companies' data released on Sunday, they sold a total of 91,348 EVs through September this year, marking a 30.3 percent increase compared to the same period last year. Hyundai's sales rose by 4.5 percent to 48,297 units, while Kia saw a remarkable 80.3 percent surge, reaching 43,051 units, as reported by Yonhap news agency.

Market analysts predict that the two carmakers' combined EV sales will likely hit 100,000 units in October and could reach 120,000 units by the end of this year. Kia has recently completed the construction of Hyundai Motor Group's first manufacturing facility dedicated solely to electric vehicles, with an annual production capacity of 150,000 units. The company invested approximately 401.6 billion won ($304.2 million) in this new facility, which aims to support the production of next-generation vehicles.

On the broader sales front, Hyundai Motor experienced a 3.7 percent decline in sales last month, driven by weak overseas demand. The company sold 343,824 vehicles in September, down from 357,133 units the previous year. However, domestic sales increased by 3.5 percent to 55,805 units, while overseas sales fell by 5 percent to 288,019 units. Hyundai plans to adapt to changing global market conditions by adjusting its production and sales strategies as necessary, reporting a 1.6 percent decline in overall sales for the January to September period.