Hyundai Motor has cut its long term global sales targets in view of the sluggish global uptake in battery electric vehicles (BEVs) and rising competition from Chinese automakers in key markets.

Hyundai said it was now targeting global sales of 5.5m vehicles by 2030, down by 6% on its earlier forecast of 5.9m, according to local reports citing company insiders.

The new forecast still represents a 30% increase on last year’s 4.2m global sales.

Hyundai Motor Group’s (HMG) smaller car making subsidiary, Kia Corporation, kept its 2030 forecast unchanged at 4.3m, a 39% increase on the 3.1mit sold in 2023.

The automaker is increasingly cautious about the uptake of BEVs in key markets, particularly in Europe, as well as about the recent expansion of Chinese automakers worldwide. The Hyundai brand continues to struggle in the world’s largest market, with its sales in China plunging by 26% to 112,000 units in the first eight months of 2024.

One source was reported as saying the automaker “want to be realistic that an EV slowdown could be protracted through 2030. The company has turned more conservative.”