70,7853 eco-friendly vehicles exported… 3%↑ YoY
HEV exports, 44.6%↑… 56.1% share in eco-friendly vehicles
Annual exports: 2,180,698 units, Export value: $53.36 billion
7.8% of Korea’s total export value, 75.4% of total car export value
Hyundai and Kia set a new record in eco-friendly car exports last year. In particular, hybrid car exports increased by over 120,000 units compared to the previous year, driving the growth of eco-friendly vehicle exports.
Hyundai and Kia announced on the 14th that, based on preliminary figures, exports of eco-friendly vehicles, including hybrids and electric cars, increased by 3% compared to the previous year, reaching 707,853 units. The share of eco-friendly vehicles in total exports expanded to more than 32%.
The most exported model among eco-friendly vehicles was Hyundai’s Tucson Hybrid, with 93,547 units. Following the Tucson Hybrid, Hyundai exported 70,353 units of the Kona Hybrid and 68,227 units of the Ioniq 5. For Kia, the order was Niro Hybrid (69,545 units), EV6 (42,488 units), and Sportage Hybrid (38,297 units).
Hybrid car exports increased by 44.6% compared to the previous year, reaching 397,200 units, accounting for 56.1% of total eco-friendly vehicle exports. The advantages of hybrids, such as excellent fuel efficiency and low maintenance costs, are highlighted amid the temporary demand slowdown (chasm) for electric cars.
In response to market demand changes, Hyundai and Kia are expanding their hybrid lineup and employing flexible production strategies. With the full operation of Kia’s Gwangmyeong EVO Plant last year, the upcoming operation of the Hwaseong EVO Plant in the second half of this year, and the planned launch of a dedicated EV factory in Ulsan in the first half of next year, continuous growth in exports is expected along with the expansion of domestic electric car production.
Last year, Hyundai and Kia’s total export volume was about 2.18 million units, with an export value of approximately $53.4 billion. Both export volume and value slightly decreased compared to the previous year, but they maintained solid performance by surpassing 2 million units and $50 billion in export value for two consecutive years.
The export value of $53.4 billion represents 7.8% of Korea’s total exports last year ($683.8 billion) and accounts for 75.4% of the total car export value ($70.8 billion).
A representative from Hyundai and Kia stated, “We will continue to contribute to the activation of the export economy by expanding investments to strengthen our brand and product competitiveness.”