Hyundai Motor Group, encompassing the Hyundai, Kia and Genesis brands, aims to sell a combined 7.54 million vehicles globally in 2020 – up by 4.8% on last year's 7.19 million units.
The South Korean group's global sales declined by 2.8% in 2019 from the 7.4 million units sold in 2018.
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The group's exports of eco-cars from South Korea, including plug-in hybrid and electric vehicles, rose by 16% to 226,581 units last year from 195,684 units. Of these, 63,414 were electric vehicles, more than double the previous year's 27,798 units.Key electric vehicle models include the Hyundai Ioniq and Kona Electric and the Kia Niro Electric and Soul electric boxcar.
Hyundai Motor is targeting global sales of 4.58 million vehicles in 2020, while Kia aims to sell 2.96 million units, helped by very active new model programmes which have seen both companies significantly strengthen their respective SUV and passenger car ranges over the last year.
This week Hyundai Motor Group announced plans to invest KRW100trn (US$86bn) in the next five years to expand its presence in key growth segments of the global automotive market. Executive vice-chairman Chung Euisun said the group plans "to launch 44 electrified vehicles by 2025, including eleven all-electric vehicle models, as we aim to take the lead in electrified car markets based on the development of our own platforms and core electrified car components". Hyundai Motor will invest KRW61trn and Kia Motors the remaining KRW39trn.
In separate reports this week, the South Korean government said it will allocate KRW950bn (US$821 million) this year to provide incentives for eco-car buyers, help fund R&D projects and fund the roll-out of recharging and refueling networks for alternative fuels such as electricity and hydrogen.
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By GlobalDataThe government also said it wants eco-friendly cars, including electric and plug-in hybrids, to account for one quarter of the local automotive industry's vehicle exports by 2030. Last year, total exports of these vehicles rose by 25% to 249,000 units compared with 196,000 units in 2018, equivalent to 10% of overall exports.
