Hyundai Motor and Kia recorded their best-ever results in new energy vehicle exports last year.Hybrid vehicle exports increased by more than 120,000 units from the previous year, dominating the growth in new energy vehicle exports.
On Jan. 14, Hyundai Motor and Kia released preliminary statistics on last year’s export results, showing that exports of new energy vehicles, such as hybrid and electric vehicles, reached 707,853 units, up 3 percent from the previous year.
This achievement surpassed the previous highest export volume of 2023, which was the highest ever export record for new energy vehicles.Compared to 2020, when more than 270,000 units were exported, this represents an increase of nearly 160%.During the same period, the share of new energy vehicles in total exports expanded from around 17 percent to more than 32 percent.
Among the new energy models of Hyundai and Kia, the most exported was Hyundai’s Tucson Hybrid with 93,547 units.In addition to the Tucson Hybrid, Hyundai also exported 70,353 units of the KONA Hybrid and 68,227 units of the Eni Krypton 5 in that order.
Kia’s export models ranked in order: 69,545 units of NIRO Hybrid, 42,488 units of EV6, and 38,297 units of Lion Pt Topside Hybrid.
In particular, the export volume of hybrid vehicles reached 397,200 units, an increase of 44.6% over the previous year.This performance accounted for 56.1% of the total export volume of new energy vehicles.
In the face of slowing demand for electric vehicles, hybrid vehicles, with their excellent fuel economy, lower maintenance costs and other advantages, have come to the fore, and global demand is on the rise.
As a result, Hyundai Motor and Kia have responded to changes in market demand in a timely manner by expanding their lineup of hybrid vehicles and establishing a flexible production and sales system, which has led to impressive new energy vehicle export results.
Hyundai Motor and Kia’s hybrid models continue to reap favorable reviews globally. Hyundai’s KONA Hybrid was recognized for its competitiveness by beating the Toyota Corolla Cross Hybrid in a comparative evaluation conducted by Auto Bild, a German automotive specialist.And Kia’s Lion Plus Topping Hybrid also received a better rating than the Toyota RAV4.
Kia’s NIRO Hybrid, in the “2023 Best of Awards” (2023 Best of Awards) announced by cars.com, the authoritative U.S. automotive review website, beat out a number of competing models to win the “Best of the Best” crown.car” in the “2023 Best of Awards” published by cars.com, an authoritative U.S. automotive review website.
Hyundai Motor and Kia, with export volume exceeding 2 million units and export value exceeding $50 billion for two consecutive years from 2023 to 2024
Hyundai Motor and Kia’s total exports last year were 2,180,698 units and $53.36 billion .Although both the export volume and value were slightly down compared to the previous year, the good performance continued with two consecutive years of export volume of more than 2 million units and export value of more than $50 billion from 2023 onwards.
Hyundai Motor and Kia’s $53.36 billion in exports accounted for 7.8 percent of the local total exports of $683.8 billion last year, and an even higher 75.4 percent of the $70.8 billion in total exports of local automobiles. Last year, Hyundai Motor and Kia helped the local industry achieve the highest export performance in history, effectively playing the role of an economic pillar.
By model, SUVs (Sports Utility Vehicles) accounted for more than half of total exports. 69.1% of SUVs were exported, amounting to 1,506,287 units.High-margin models with global competitiveness, such as the KONA, Tucson, and the Lion Topper, drove outstanding sales.
The most exported model of Hyundai and Kia is Hyundai’s Elantra with 231,069 units.
In addition to the Hyundai Elantra, the export volume ranked in order for the KONA 222,292, Tucson 151,171; Kia’s export volume ranked in order for the Lion Platinum Topping 136,533, Morning 114,453, NIRO 114,430 .
From the regional point of view, led by the largest export market, the United States, exports also cover Asia, the Middle East, Africa and other emerging markets, to achieve regional diversification, which is a major feature.
In terms of regional share, 55.6% of the products are exported to North America such as the U.S., Canada, and Mexico, 18.7% to Europe, 9.1% to Asia and the Pacific, 9.1% to the Middle East and Africa, and 5.2% to Central and South America, and the products are sold all over the world.
Hyundai Motor and Kia have traveled with the country’s economic development path centered on exports, and since 1975 to the present, the cumulative export volume has reached more than 56 million units. Hyundai Motor exported 6 Pony cars to Ecuador in 1976 to start the export journey, and has exported a total of 3,206,3984 cars as of last year.
In 2004, the 28th year since the first export, the export volume reached 10 million units; in 2013, it exceeded 20 million units, and in 2023, it exceeded 30 million units.
Kia first exported 10 Brisa pickups to Qatar in 1975, reached 10 million in 2011, and has since surpassed 20 million in 2020 in just nine years.As of last year, a cumulative total of 2,409,355 units were exported.
Enhance export competitiveness by upgrading the value of products and brands, building flexible coping mechanisms, and expanding local investment.
Hyundai Motor and Kia are working to seek sustained growth in their export business by optimizing their sales structure, focusing on high-value-added models, continuing to improve the competitiveness of their products and brands, and exploring emerging markets.
Expanding local investment is also a driving force for export growth.Hyundai Motor and Kia have responded to market changes in a forward-looking manner based on the introduction of innovative manufacturing technologies, the establishment of additional production facilities, and the rationalization of production.
In particular, with the Kia Gwangmyeong EVO plant, which went into operation last year, the Hwaseong EVO plant, which is scheduled to go into operation in the second half of this year, and the Ulsan EV-specific plant, which will go into operation in the first half of next year, the export business is expected to continue to grow along with the expansion of local electric vehicle production capacity.
Hyundai Motor and Kia anticipate that the global trend of high interest rates and low growth will spread further in the future, trade protectionism will intensify, and inter-company competition will become more intense.
Therefore, they plan to establish a flexible production and sales system oriented to market demand in order to respond sharply to market changes. Hyundai Motor and Kia are determined to maintain reasonable inventories, implement the optimal incentive operation strategy, and continue to conduct business with a focus on pursuing profits and enhancing customer value.
In response to the slowdown in the growth of demand for electric vehicles, they intend to respond by strengthening their hybrid vehicle lineup.The hybrid system, which was previously applied mainly to quasi-mid-sized and mid-sized vehicles, will be expanded to the small, large and luxury vehicle segments in the future.
At the same time, they will accelerate the introduction of the next-generation hybrid system, TMED – II, which offers significantly improved performance and fuel efficiency.
In the long run, the development of electric vehicles is irreversible, so Hyundai and Kia will promote the strategy of diversifying their product portfolios.
This year, Hyundai plans to launch a new large electric SUV, the Eni Krypton 9, and Kia plans to launch electric SUVs, the EV3 and EV5, as well as a sedan-type electric vehicle, the EV4.
A source from Hyundai Motor and Kia said, “Hyundai Motor and Kia have achieved a record-breaking export volume of new-energy vehicles for two consecutive years, even under the unprecedentedly complex local and foreign economic environment.
Going forward, we will also continue our efforts to contribute to the development of the export economy by strengthening the competitiveness of our core products and brands, building a flexible production and sales system, and expanding local investment.”
