Seoul: Hyundai Motor Co. and its affiliate Kia Corp. reported a 3 percent increase in their combined exports of eco-friendly vehicles in 2024 compared to the previous year, even amidst a challenging economic environment. The companies announced on Tuesday that they shipped a total of 707,853 environmentally friendly cars last year, up from 687,420 units in the prior year, according to Hyundai Motor Group's press release.
According to Yonhap News Agency, gasoline hybrid models constituted 56 percent of the eco-friendly car shipments, which helped mitigate a deceleration in demand for electric vehicles (EVs). In response to the EV market slowdown, Hyundai and Kia have committed to expanding their product offerings by incorporating more fuel-efficient gasoline hybrid models into their lineup.
The automakers also plan to refine their product mix and adapt vehicle production and inventory levels in response to prevailing high interest rates, low economic growth, the spread of protectionism, and heightened competition from rivals. Hyundai and Kia collectively rank as the world's third-largest automotive group by sales, following Toyota Motor Corp. and Volkswagen AG.
Despite the rise in eco-friendly car exports, the companies' overall exports experienced a slight decline, dropping to 2,180,698 units valued at US$53.36 billion last year, down from 2,216,231 vehicles worth $54.39 billion in 2023. The press release revealed that seven out of ten exported models were sport utility vehicles (SUVs), with the Avante compact, marketed as the Elantra overseas, emerging as the best-selling model.
The majority of the exports, nearly 56 percent, were directed towards North American markets, while 19 percent were shipped to Europe, and the remaining units were distributed to other markets worldwide.