Hyundai Motor Company and Kia announced on the 14th that they exported a total of 707,853 eco-friendly vehicles, including hybrid and electric cars, as a result of their provisional tally of export performance from the previous year. This figure represents a 3% increase compared to the previous year and is the highest ever recorded. Compared to 2020, when over 270,000 vehicles were exported, this marks an increase of nearly 160%. The proportion of eco-friendly vehicles in total exports rose from about 17% in 2020 to 32% last year.
Among the eco-friendly vehicles exported by Hyundai Motor Company and Kia, the most exported model was the Hyundai Tucson hybrid, with 93,547 units shipped. It was followed by the Kona hybrid (70,353 units) and the Ioniq 5 (68,227 units). For Kia, the Niro hybrid (69,545 units), EV6 (42,488 units), and Sportage hybrid (38,297 units) were among the most exported.
Hybrid vehicle exports recorded 397,200 units, a 44.6% increase compared to the previous year. This accounts for 56.1% of all eco-friendly vehicle exports. As demand for electric vehicles has recently stagnated, the superior fuel efficiency of hybrid vehicles is leading to increased demand.
◇ Hyundai Motor Company and Kia surpass 2 million in exports and $50 billion for two consecutive years
Last year, the total export volume for Hyundai Motor Company and Kia, including eco-friendly vehicles, reached 2,180,698 units, with an export value of $53.36 billion. For two consecutive years, they exceeded 2 million in exports and $50 billion in export value following 2023. Hyundai Motor Company and Kia's export value represented 7.8% of South Korea's total export value of $683.8 billion last year and accounted for 75.4% of the total automobile export value of $70.8 billion.
By vehicle type, sport utility vehicles (SUVs) accounted for 69.1% of total exports with 1,506,287 units. The top-selling model was the Hyundai Avante, with 231,069 units exported. It was followed by the Kona (223,292 units) and the Tucson (151,171 units). Kia exported 136,533 units of the Sportage, 114,453 units of the Morning, and 114,430 units of the Niro.
The regional distribution showed that North America, including the United States, Canada, and Mexico, accounted for 55.6%, Europe 18.7%, Asia-Pacific 9.1%, Middle East and Africa 9.1%, and Latin America 5.2%.
◇ Responding to the electric vehicle chasm with an expanded hybrid vehicle proportion
Hyundai Motor Company and Kia said they plan to establish a flexible production and sales system to respond to anticipated changes in the market, due to the global trend of high interest rates and low growth, strengthened protectionism, and intensified competition among companies.
They will respond to the electric vehicle chasm (a temporary demand slowdown) by strengthening their hybrid lineup. The hybrid system, which has been primarily applied to compact and midsize vehicles, will be expanded to include small, large, and luxury vehicles, and the introduction of the next-generation hybrid system TMED-II, which improves performance and fuel efficiency, will also be expedited.
They will also promote a strategy for diversifying the electric vehicle portfolio. This year, Hyundai plans to launch the large electric SUV Ioniq 9, while Kia will release the SUV electric vehicles EV3 and EV5, as well as the sedan electric vehicle EV4.
A Hyundai Motor Group official noted, "Despite the challenging domestic and international business environment, Hyundai Motor Company and Kia have achieved strong performance for two consecutive years, with eco-friendly vehicle exports setting record highs." He added, "We will continue to strive to contribute to the revitalization of the export economy through strengthening product and brand competitiveness, establishing a flexible production and sales system, and expanding domestic investment."