Seoul: Hyundai Motor Co. and its affiliate Kia Corp. announced that their combined exports of environmentally friendly vehicles increased by 3 percent in 2024 compared to the previous year, despite facing economic challenges.
According to Yonhap News Agency, Hyundai and Kia shipped a total of 707,853 eco-friendly cars last year, a rise from 687,420 units in the previous year. The Hyundai Motor Group, in its press release, highlighted that gasoline hybrid models constituted 56 percent of these eco-friendly car shipments, which helped counteract a decline in demand for electric vehicle (EV) models.
The carmakers revealed their strategy to address the EV market slowdown by introducing more fuel-efficient gasoline hybrid models and adjusting their production plans. Hyundai and Kia collectively represent the world's third-largest automotive group in terms of sales, following Toyota Motor Corp. and Volkswagen AG.
Despite the increase in eco-friendly car exports, Hyundai and Kia's overall exports experienced a slight decline. The total exports dropped to 2,180,698 units, valued at US$53.36 billion last year, from 2,216,231 vehicles worth $54.39 billion in 2023, as stated in the release.