South Korean automaker Hyundai, along with its subsidiary, Kia, expects its annual combined sales to rise by 11.5pc in 2021 to 7.08 million units.
According to media reports, company saw a 12pc decline in sales to 6.35 million units in 2020, impacted by the COVID-19 pandemic. In the past six years, the automakers have missed their predicted sales targets, however the target for 2021 seems to be in line with the market and achievable, according to some analysts.
Though most auto manufacturers are gradually recovering from the pandemic, competition from electric vehicles has increased significantly. Hyundai is set to start production of its first fully-electric car, the Ioniq-5, at one of its South Korean factories.