Hyundai Motor Group (HMG), comprising Hyundai Motor Company and Kia Corporation, reported that its vehicle exports to world markets from South Korea declined by almost 2% to 2,180,698 vehicles in 2024, with their value also falling by 2% to US$53.4 billion.
Provisional data released by the South Korean automaker shows that its global sales declined by 1% to 7,231,248 units last year, including 1,251,106 vehicles sold domestically and 5,980,142 outside South Korea, including vehicles produced overseas. The US was the company’s largest export destination, accounting for almost 56% of total shipments, followed by Europe with 19%; Asia-Pacific with 9%; Middle-East and Africa with 9%; and Latin America with just over 5%.
HMG pointed out that its exports of “green cars”, comprising mainly electric and hybrid models, increased by 3% to 707,853 units in 2024 – accounting for almost one-third of its total exports. Hybrid vehicle exports jumped by 45% to 397,200 units last year, reflecting strong growth in global demand seemingly at the expense of battery electric vehicles (BEVs). Both Hyundai and Kia stepped up production of hybrid models to meet growing demand, helped by a flexible manufacturing approach and adjustments to production lines.
HMG’s most popular “green” model overseas last year was the Tucson Hybrid SUV with 93,547 sales, followed by the Kona Hybrid with 70,353 units and the Kia Niro Hybrid with 69,545 units. The best-selling BEV model was the Ioniq 5 with 68,227 units in overseas sales.
HMG is targeting global sales of 7.39 million units this year, with a greater focus on premium models. To offset weak BEV sales, the group will continue to focus on increasing sales of hybrid models.
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