Hyundai, Kia’s combined exports set to reach 2 million in 2023
SEOUL: South Korea’s top carmaker Hyundai Motor and its sister company Kia are set to export combined exports of 2 million units in 2023, data showed on Sunday, following a market recovery following the pandemic.
According to the Korea Automobile and Mobility Association, Hyundai and Kia shipped 945,062 and 867,136 respective units of the automobile in the January-October period, Yonhap news agency reported.
The data shows that the combined figure represents an increase of 17.5 percent from the same period in 2022. Considering monthly shipments of 180,000 units by both carmakers, industry officials estimate their overseas sales will exceed 2 million units in 2023 for the first time since 2016.
“The increase comes after the group expanded domestic production capacities to meet the growing demand for eco-friendly cars around the world,” a Hyundai Motor Group official said.
The combined value of exports also reached US$43.9 billion in the January-October period, already surpassing last year’s combined shipments of US$41.5 billion, the data showed. The average price of cars sold reached $24,000, up 68 percent from $14,000 in 2016.
