Tag: sales

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Housing market gets boost as home sales see highest spike since 2020

Housing market gets boost as home sales see highest spike since 2020
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US Auto Industry Down 3+ Million Sales (19{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}) Since 2019

US Auto Industry Down 3+ Million Sales (19{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}) Since 2019

The US auto industry has been declining steadily for a few years at least. Compared to 2021, the American auto industry’s annual sales were down by more than 1 million units, or 8{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}. Compared to 2020, they were “only” down by 725,726 units (5{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}). But compared to 2019, they were down by more than 3 million (19{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}).

It’s a changing industry, and no doubt some of the problems affecting the market have been the COVID-19 pandemic, economic problems that resulted, supply chain problems from that and from Russia’s invasion of Ukraine, and other factors. However, for any close follower and prognosticator of the electric vehicle market, there’s also an electrification element. Earlier today, a CleanTechnica reader highlighted the internal combustion engine (ICE) vehicle decline in relation to the rise of EVs with some superbly insightful stats:

“Fun fact. The overall auto industry has on average declined 1.18{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} y/y since 2015. In this span, BEVs have grown on average 57.67{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} y/y while ICE sales declined 2.51{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} y/y. Total ICE production in 2022 was just 74 million … a level last seen in 2007!

“With BEVs really capturing the market now it seems clear we are well past ‘peak ICE’ which happened in 2017 at 96.5 million cars.”

That reader also commented on our latest US electric car sales report with the following interesting and insightful comment: “Anyone wanting to understand the future car market needs to focus on BEV sales & growth as a percentage of the car market. ICE and hybrid sales today mean nothing … similar to horse sales in the early 1900s vs cars. Fact is most car makers are stagnant or losing market share even as they grow their BEV sales … since they need to grow their BEV sales faster than they lose their ICE and hybrid sales.

“This is arguably going to get really ugly in the next few more years as the Osborne effect slows people from buying ICE/hybrids due to lower resale values. Surveys already show this is a factor for new buyers since the average car buyer keeps their cars for 8 years. In 2031 (8 years) the market for a used ICE may be non-existent.”

Electric car sales accounted for about 5.7{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} of overall US auto sales in 2022, which is up from about 3.2{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2021, about 1.7{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2020, and about 1.4{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2019.

I’ll do an analysis of specific automakers’ BEV sales growth in the US compared with their overall auto sales trends in the country in a future article, but for now, let’s have a look at 8 more charts showing the state of the US auto industry at a brand level and trends in the past 4 years.

Going from 2019 to 2022, the standout change was Tesla’s tremendous growth, rising by more than 321,000 sales a year or 171{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}.

The other extremely notable trend is that almost every automaker saw its sales decline. In fact, if you removed Tesla from the market, the auto industry would have had a 3.5 million unit decline. (Of course, you can’t simply remove Tesla from the market without affecting what happened in the market.)

The most striking sales losses in terms of volume came from Honda (down more than half a million units, or 39{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), Nissan (down more than half a million units, or 44{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), Ford (down more than half a million units, or 23{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), and Chevrolet (down 440,000+ units, or 23{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}).

In terms of percentage decline, the auto brands really hurting were Fiat (-90{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), Infiniti (-60{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), Dodge (-55{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), and Buick (-50{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}).

Let’s look two years back instead of three years back now (charts above). You still see Tesla stand far out alone in the front. Its sales were up more than 300,000, 53{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}, in 2022 over 2020. A handful of other brands were up moderately on a percentage basis — Porsche (22{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), BMW (19{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), Kia (18{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), and Hyundai (16{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}). However, you still have a lot of automakers bleeding sales. It’s a similar comparison to 2019 on that other end, with Fiat standing out in percentage loss (-79{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}). In volume sales, Honda bled the most (down a whopping 328,604), Chevrolet was first behind it (-221,744), Ford got the negative-bronze (-158,356), Nissan lost a lot again (-136,984), and Jeep was the last of the brands to bleed more than 100,000 sales (-110,699).

Compared to 2021, things change up a bit. Tesla still saw strong growth — just not as much of course (37{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}). Cadillac was up decently (14{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}). And a few other brands were up moderately — GMC was up 7{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}, Chevrolet was up 6{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}, and Mercedes was up 6{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}. Chevrolet (80,000+) and GMC (35,000+) were up the most in volume terms aside from Tesla (~139,000).

Looking at the suffering brands, Honda lost the most volume-wise year over year (down a whopping 428,021), followed by Nissan (-236,355), Toyota (-178,032), Ram (-102,137), and Jeep (-94,097). In terms of a percentage drop, Fiat is still on the bottom of the pile. (Is Fiat going to survive in the USA?) Buick (-42{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), Acura (-35{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), Honda (-33{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}), and Alfa Romeo (-30{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}) also saw a significant drop in sales year over year.

Ignoring sales trends, let’s just have a quick look at the automaker rankings in 2022.

You’ve got a clear “big 3” of Toyota, Ford, and Chevrolet. While Tesla climbed up to 9th in the 4th quarter of 2022, it was held out of the top 10 in all of 2022, ending in 12th. Looking at the bottom of the pile, Fiat had only 915 sales. Again, is Fiat going to survive in the United States? Even Lucid did better — more than 3× better! Rivian, meanwhile, climbed just above Alfa Romeo to avoid being in the bottom 3. Where will Rivian (and Lucid) be at the end of 2023?

Last of all is my favorite chart of all (interactive version of it down at the bottom, too). It shows yearly sales from 2019 through 2022 for all 32 auto brands, sorted by 2022 sales.

From that view, no brand really looks good except for Tesla, which had a strong sales climb year after year. One wonders what is going to happen with those top 4–10 auto brands in the coming years.

Related Story: US Electric Car Sales Increased 65{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} In 2022

 


 



I don’t like paywalls. You don’t like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don’t like paywalls, and so we’ve decided to ditch ours.

Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It’s a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So …


 

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Jan. U.S. car sales: Toyota slides; Ford, Honda, Hyundai, Kia, Subaru and Mazda rise

Jan. U.S. car sales: Toyota slides; Ford, Honda, Hyundai, Kia, Subaru and Mazda rise

The automaker finished January with 130,315 vehicles and gentle trucks in inventory – most of it at ports or in transit, up from 116,201 at the close of December and 125,423 at the close of January 2022. That interprets to a 23-day source at Toyota and a 28-working day supply at Lexus, the organization said Wednesday.

At Ford, profits rose 1.8 per cent past thirty day period, with volume up 1.9 per cent at the Ford division and 1.2 p.c at Lincoln. It was the next straight month of gains for equally brands.

The Ford division’s benefits had been aided by F-Collection, up 8.8 per cent the Bronco, up 26 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} and the Transit, up 106 per cent. TrueCar approximated Ford’s fleet deliveries rose 11 p.c to 35,289 last thirty day period. The automaker said it experienced approximately 370,000 vehicles and gentle vehicles in stock to commence February, such as models in transit. 

Ford also reported it generated 181,912 light-weight motor vehicles in North The united states final month.

Honda Motor Co., also saddled with lower stockpiles in wake of the significant chip lack, reported January volume rose 14 percent, powering a acquire of 10 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} at the Honda division and 66 percent at Acura.  The company stated Honda brand stock on hand much more than doubled final month in contrast to January 2022, supporting “to triumph over the effects of wintertime storms.” Income of the Accord jumped 42 p.c and CR-V deliveries surged 49 per cent, Honda mentioned.

Volume last thirty day period rose 8.6 per cent to 52,001 at Hyundai and 22 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} to 51,983 at Kia, the companies mentioned Wednesday. It was the sixth consecutive thirty day period of calendar year in excess of year gains for the two brand names, with Hyundai edging Kia by just 18 vehicles in January.

Hyundai explained retail income rose 1 percent to 48,247 last month. The organization mentioned it ended January with 45,158 vehicles and mild vehicles in inventory, up from 37,379 at the close of December and 18,060 a calendar year back.

Kia set a January report and said five styles – Niro, Sportage, Telluride, Carnival and Forte – also posted history deliveries for the month. Combined deliveries of Kia’s electrified vehicles jumped 128 per cent.

Subaru, an additional brand name hindered by lean inventory, explained January profits edged up .5 per cent for its sixth straight monthly attain. The success were being aided by report January deliveries of the Crosstrek.

Mazda posted sales of 22,967, a 9 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} raise and the firm’s fourth consecutive achieve.

Genesis also noted history January revenue of 3,905, a 7.3 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} achieve.

Volvo claimed it will launch January sales success on Friday. Other automakers release U.S. income quarterly.

U.S. light-vehicle gross sales were being predicted to rise 2.4 per cent to 6.5 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in January based on forecasts from J.D. Electricity-LMC Automotive, Cox Automotive, S&P International Mobility and TrueCar. Better fleet shipments ended up expected to offset a drop in retail quantity, analysts claimed.

Deutsche Financial institution, in a report Thursday, explained business revenue elevated 6 p.c final month, with retail quantity and fleet shipments surging 58 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} from a yr back.

The lender said the industry’s sales for each promoting day in January – ordinarily a person of the weakest months of the year – was 44,000 units, or flat with 2022 amounts.

Fleet deliveries ended up forecast to increase 59 per cent to 74 percent to 168,000-183,000 in January from a calendar year before, TrueCar, J.D. Energy and LMC Automotive estimate. As the chip lack eases, automakers are ramping up output and filling a backlog of orders from rental operators and other commercial and authorities customers.

Automakers are counting on ongoing pent-up demand in the wake of limited but improving upon inventories to generate revenue larger this 12 months, after field quantity slumped 8 p.c to 13.865 million in 2022.

Chris Hopson, principal analyst at S&P Worldwide Mobility, mentioned customers facial area an uncertain purchase ecosystem as 2023 unfolds.

“Even though positive developments relating to mildly retreating car or truck price ranges and rising pockets of inventory bode properly, interest premiums keep on being substantial and financial headwinds persist,” stated Hopson.

Affordability, driven by elevated transaction selling prices, also continues to be a hurdle. J.D. Electricity and LMC Automotive estimate the common new-auto retail transaction price in January will get to $46,437, a 4.2 p.c boost from January 2022, but a decrease from a record substantial of $47,362 in December.

“Buyers proceed to confront mounting new-vehicle rates across the field,” claimed TrueCar analyst Zack Krelle. “However, the pace has slowed as inventory for numerous substantial-need automobiles grows. Fewer motor vehicles are seeing markups, especially for import brand names which confronted pronounced shortage all through the peak of the shortages.”

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Russian car sales down 58.8{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2022 as sanctions hit auto industry hard

Russian car sales down 58.8{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2022 as sanctions hit auto industry hard

Author of “The Coming Collapse of China” Gordon Chang joins ‘Cavuto: Coast to Coast’ to explore the partnership involving Russia’s Vladimir Putin and China’s Xi Jinping, a opportunity spring meeting and Biden’s mindset towards China

Auto revenue in Russia collapsed by 58.8{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2022, the Affiliation of European Corporations (AEB) reported on Thursday, as the market reels from the impression of Western sanctions on Moscow.

Various Russian automakers suspended generation for durations of last yr as the field struggled to source elements and set up new provide chains subsequent the imposition of the sanctions above Moscow’s military services steps in Ukraine.

Moscow, Russia

This photograph taken on January 5, 2023, demonstrates motor vehicle passing together a avenue leaving a mild trails in entrance of a Stalin-era setting up (background) in Moscow.  (Yuri Kadabnov/AFP by means of Getty Photographs / Getty Pictures)

“The problems with sanctions and unprecedented force on the Russian marketplace on all fronts, of course, could not but have an affect on the automotive business,” the head of the AEB’s vehicle committee, Alexey Kalitsev, said in a briefing.

CHINA’S EV Market place WILL Sluggish IN 2023. THAT Nevertheless LEAVES IT Ahead.

Subsequent Russia’s invasion of Ukraine in February, somewhere around 1,000 international firms pulled out of the country, according to a report published by Yale. 

Global automakers have been among the international buyers to make investments heavily into the Russia industry but, due to the fact the invasion, all of them have pulled out, bringing automobile manufacturing to a screeching halt.

Traffic jam

This photograph taken on December 20, 2021 demonstrates a traffic jam in central Moscow, as automobiles little by little transfer together a bridge. (Yuri Kadabnov/AFP via Getty Illustrations or photos / Getty Illustrations or photos)

In Oct, Nissan pulled out of Russia and sold all of its belongings in Russia to the Russian govt for a single Euro. The deal costs Nissan about $687 million.

Superior-profile Western car producers this sort of as Renault also still left the current market, building the sector – formerly closely reliant on Western financial commitment and substantial-tech equipment – one particular of the hardest hit by the fallout from the conflict.

AMAZON’S RIVIAN Electrical VANS NOW Building DELIVERIES IN 100 Towns

At one particular place key maker Avtovaz was providing Lada autos devoid of airbags or anti-lock braking systems (Stomach muscles) due to sections shortages.

As aspect of Western sanctions against Russia, several Russian financial institutions were being shut out of the Society for Around the globe Interbank Financial Telecommunication (SWIFT), a safe messaging system that enables quick cross-border payments. 

As a consequence, vehicle dealers or consumers in Russia could not obtain foreign autos and foreign firms could not provide them.

Komsomolsky avenue in Moscow

Cars and trucks move together Komsomolsky avenue in Moscow on November 26, 2021, with the Cathedral of Christ the Savior noticed in the qualifications. (Alexander Nemenov/AFP by using Getty Images / Getty Illustrations or photos)

In February, General Motors claimed that it would suspend all auto exports to Russia until finally additional discover. GM sells about 3,000 cars each year in Russia and does not have any vegetation there.

PUTIN’S Most recent BAN ON OIL Profits COULD BACKFIRE ON RUSSIA, Specialists Predict

Price ranges for automobiles have also risen drastically in Russia – a truth which remains the primary “deterrent” to a revenue rebound, Kalitsev said. Retail gross sales slumped across the Russian financial system in 2022 amid a recession, rate instability and heightened uncertainty.

Smolenskaya Avenue in Moscow,

A watch of the targeted traffic jam for the duration of hurry hour at Smolenskaya Avenue in Moscow, Russia on Oct 9, 2018.  (Sefa Karacan/Anadolu Company/Getty Visuals / Getty Illustrations or photos)

Full automobile profits for the year arrived in at 687,370, in contrast to much more than 1.6 million in 2021, the AEB reported. In the thirty day period of December, gross sales were down 50.2{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}. The figures do not include revenue of BMW, Mercedes-Benz and Chery makes.

The industry body forecast that income would climb by 12{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2023 to about 770,000 motor vehicles. Kalitsev explained he expected 5-7 new motor vehicle brand names could show up on the Russian industry this calendar year, without supplying facts.

GET FOX Organization ON THE GO BY CLICKING In this article

“With a favorable blend of conditions … advancement previously mentioned 12{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} is also possible. But no a person in the planet can forecast everything in the existing condition,” he explained.

Reuters contributed to this report.

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Dec. U.S. auto sales: SAAR tops forecasts; GM reclaims sales crown; Toyota, Ford edge up; Hyundai, Kia post double-digit gains to finish 2022

Dec. U.S. auto sales: SAAR tops forecasts; GM reclaims sales crown; Toyota, Ford edge up; Hyundai, Kia post double-digit gains to finish 2022

Standard Motors, driven by potent gentle-truck deliveries, reported a 42 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} raise in fourth quarter light-weight-car or truck quantity, with gross sales rising 44 p.c at Chevrolet, 42 percent at GMC and 75 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} Cadillac. Buick was the only GM brand name to write-up decrease volume in the last quarter of 2022, down 6.5 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}, extending the brand’s declines to 6 consecutive quarters.

GM also reclaimed the title of leading-advertising automaker in the U.S. in 2022 by approximately 150,000 models soon after Toyota Motor grabbed the crown in 2021. GM, the market’s longtime leader right up until 2021, claimed U.S. deliveries of 2.258 million past year, up 2.5 per cent, while Toyota Motor product sales tallied 2.1 million, down 9.6 percent.

GM reported U.S. vendor inventories continue to rebound and have much more than doubled around the last 12 months, finishing December at 410, 682 units, together with cars and gentle vans in transit, up from 359,292 at the shut of the 3rd quarter and 199,662 at the conclusion of 2021.

December deliveries rose 3.5 per cent at Toyota Motor, with a 6.6 p.c increase at the Toyota division offsetting a 16 per cent decrease at Lexus. Both of those manufacturers go on to be hampered by some of the industry’s cheapest inventory concentrations, with Lexus gross sales now dropping 11 straight months. Toyota, the major model in the U.S. considering that April, missing the title in December to Ford by some 10,000 units.

At Ford Motor Co., December volume enhanced 3.3 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} driving gains of 2.7 per cent at the Ford division and 17 percent at Lincoln. The No. 3 automaker in the U.S. completed 2022 with revenue of 1.86 million, down 2.2 percent.

Ford claimed U.S. profits of the F-Collection truck tallied 653,957 in 2022, making it America’s finest-selling truck for 46 consecutive years and the ideal-selling vehicle for 41 years straight.

The organization explained it finished 2022 with gross inventory of 398,000 cars and light-weight trucks, or a 60-day source, with 45 percent of it in transit, up from 372,000 units at the near of November and 247,000 at the close of 2021. 

Stellantis claimed fourth-quarter volume skidded 16 percent behind a drop of 18 p.c at Jeep, 39 percent at Chrysler and 15 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} at Ram. Only Dodge posted a sales achieve, 15 percent, in the last quarter.

Volume also declined 25 p.c or more at two of the company’s more compact manufacturers: Fiat and Alfa Romeo. Profits at Jeep and Ram, FCA’s most important brand names, have now dropped 6 consecutive quarters. Stellantis’ over-all U.S. deliveries dropped 13 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in 2022.

Jeff Kommor, head of U.S. profits for Stellantis’ FCA US unit, cited “production constraints and a disruption of components and resources in typical,” as nicely as “sector disorders that carried throughout 2021 into 2022,” for negatively impacting the firm’s effects.

Honda Motor Co., continue to battling to protected chips for key designs to rebuild depleted stockpiles, mentioned December product sales dropped 11 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}, with the Honda division down 11 p.c and Acura off 5.5 p.c. The company’s 2022 profits skidded 33 p.c, the steepest drop amongst major automakers final 12 months. The firm claimed it is setting up 2023 with about 44,000 new vehicles in seller inventory and has advised sellers that stockpiles would not return to normal stages untill drop 2023 at the earliest.  

“Like the rest of the market, we are not out of the woods yet with source troubles,” said Mamadou Diallo, vice president of auto product sales for American Honda Motor Co. “But we get started 2023 with about double the on-hand inventory of 2022 and the expectation that this will indicate a wholesome profits raise this year.”

Nissan Group’s fourth-quarter U.S. income dropped 2 p.c to 191,012, with the Nissan manufacturer off 3.6 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}, its sixth straight quarterly drop, while Infiniti deliveries rose 24 {1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b}.

Quantity jumped 40 per cent final month to a December record of 72,058 at Hyundai Motor America, driven by a 27 p.c rise in retail deliveries. Hyundai explained it was its fifth straight thirty day period of history retail revenue, with utility autos accounting for 74 per cent of retail volume.

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Hyundai aims for 10{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} rise in global sales as it shifts to electric cars | Automotive industry

Hyundai aims for 10{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} rise in global sales as it shifts to electric cars | Automotive industry

The carmaker behind Hyundai and Kia has said it aims to increase global sales by 10{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} this year, as the company accelerates its transition to electric vehicles.

Hyundai Motor Company’s new forecasts come despite it having failed to reach its sales targets for 2022 because of supply chain disruptions that resulted in a shortage of semiconductor chips and other vital car parts.

Global supplies of semiconductor chips, which control vehicles’ electronics, have been erratic partly because of Covid restrictions in China, which have hampered manufacturers’ ability to keep up with demand.

However, the South Korean carmaker said it planned to “expand market share and operate profitability-oriented businesses” in 2023, in part by “flexibly responding to market changes, accelerating its transition to electrification” and responding to new environmental regulations.

The company, which makes the popular Ioniq 5 and EV6 electric cars, said it would also reach its targets by optimising its production processes, logistics and sales by region.

The carmaker, whose Kia and Hyundai cars are among the bestselling vehicle brands in the UK and account for about 11.5{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} of the market, said it aimed to sell 4.3m vehicles globally in 2023.

That compares with the 3.9m vehicles it sold in 2022. Its sales last year marked a 1.4{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} increase from 2021 but were short of its 4.01m target that had been revised down in September from 4.3m.

However, Hyundai still cheered its 2022 performance, saying on Tuesday that sales had increased by 2.9{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} outside Korea “despite the challenging business environment caused by the ongoing pandemic and component supply issues”. That was partly thanks to a recovery in global auto markets after the pandemic. However, sales fell 5.2{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} in South Korea last year.

The company said it would soon be introducing its first high-performance electric vehicle, with details unveiled “in the coming months”.

Hyundai’s optimistic sales forecasts came after the electric carmaker Tesla revealed that it delivered a record high of 1.3m vehicles in 2022. While it marked a 40{1668a97e7bfe6d80c144078b89af180f360665b4ea188e6054b2f93f7302966b} increase from a year earlier, signs of a slowdown started to emerge in the final quarter when Tesla delivered 405,000 cars, falling short of analyst forecasts for 430,000 deliveries.

The car industry is expected to face further headwinds this year, with demand slowing as customers fear an economic slowdown and keep a close eye on rising interest rates.