Daijiworld Media Network

Seoul, Jan 14: Hyundai Motor and its affiliate Kia have reported a 3 percent increase in exports of environmentally friendly vehicles for 2024, despite global economic challenges. The two automakers shipped a combined 707,853 eco-friendly cars last year, up from 687,420 units in 2023, Hyundai Motor Group said in a press release.

Gasoline hybrid models drove the growth, accounting for 56 percent of the eco-friendly shipments, effectively offsetting reduced demand for electric vehicles (EVs), according to Yonhap News Agency.

To address the slowdown in EV sales, Hyundai and Kia plan to expand their product lineups with more fuel-efficient hybrid models. The companies also aim to refine their product mix and adjust vehicle production and inventories to navigate challenges such as high interest rates, low growth, protectionism, and intensified competition.

Globally, Hyundai and Kia rank as the third-largest automotive group by sales, following Toyota Motor and Volkswagen AG. However, their overall exports declined slightly to 2,180,698 units worth $53.36 billion in 2024, down from 2,216,231 units worth $54.39 billion in 2023.

SUVs made up the majority of the exports, with the Avante compact (known overseas as the Elantra) emerging as the best-selling model. North America accounted for nearly 56 percent of total shipments, followed by Europe at 19 percent.

In a bid to bolster future competitiveness amid uncertain global conditions, Hyundai Motor Group has announced plans to invest a record 24.3 trillion won ($16.6 billion) in South Korea this year—a 19 percent increase from the previous year’s domestic investment of 20.4 trillion won.

The group emphasized that consistent and stable investment is essential to counter growing uncertainties and secure future growth drivers.