Hyundai & Kia Set to Reach 2 Million Exports in 2023

Jawad

11 Dec 2023

425

Hyundai & Kia Set to Reach 2 Million Exports in 2023

In the span from January to October, Hyundai and Kia, two major players in the automotive industry, collectively shipped 945,062 and 867,136 units of automobiles, respectively, as reported by the Korea Automobile & Mobility Association. This noteworthy achievement reflects a substantial 17.5% increase when compared to the corresponding period in the previous year, showcasing the robust performance of these leading car manufacturers.

Industry insiders are optimistic about the prospects for the entire year of 2023, anticipating that Hyundai and Kia's combined overseas sales will surpass 2 million units. This projection is based on their consistent monthly exports, which have been averaging around 180,000 units. If realized, this would mark a significant milestone, representing the first time the carmakers have exceeded the 2 million-unit mark since 2016.

Attributing this surge in exports, a Hyundai Motor Group official highlighted the group's strategic move to expand domestic production capabilities. This expansion was a proactive response to the growing global demand for eco-friendly cars, aligning with the industry's increasing emphasis on sustainability.

According to available data, the total value of exports during the January–October period amounted to an impressive $43.9 billion, surpassing the previous year's total shipments of $41.5 billion. Furthermore, the average selling price of cars demonstrated a remarkable increase, reaching $24,000. This represents a significant 68% surge compared to the $14,000 recorded in 2016. The rising average sale price indicates a positive trend, suggesting that Hyundai and Kia are not only increasing their sales volume but are also successfully positioning themselves in the market with higher-value offerings.

Overall, these statistics underscore the continued success and adaptability of Hyundai and Kia in the highly competitive international automotive market. Their increased production capacity, coupled with a strategic focus on eco-friendly vehicles, has evidently positioned them for sustained growth and market relevance.