South Korean automakers Hyundai and Kia hit their highest export efficiency ever. The surge in exports was pushed by Hyundai’s aggressive EVs and increasing world gross sales.
Hyundai and Kia had been acknowledged for his or her efficiency on the sixtieth Commerce Day ceremony in South Korea on Tuesday.
After a record-setting yr, each firms received the “High of Export” award. Hyundai ranked first, with exports reaching $31 billion (+29.6% YOY), whereas Kia got here in second with $23.5 billion (+30.7%).
The expansion comes amid rising rates of interest, provide chain shortages, and deepening protectionism. Hyundai attributes the rise to launching aggressive electrical automobiles, bettering its gross sales combine, and increasing globally.
New EV fashions based mostly on Hyundai’s E-GMP platform are resulting in an improved gross sales combine. Hyundai and Kia’s devoted EVs, together with the IONIQ 5, IONIQ 6, and Kia EV6, had been large elements in attaining document exports.
The corporate says its new EVs are “enjoying a serious position in serving to Hyundai Motor Firm and Kia safe management within the world electrical automobile market.”
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Hyundai and Kia EVs result in document exports
EV exports practically doubled between the 2 firms, from 119,569 in 2020 to 218,241 in 2022.
Within the US, Hyundai and Kia had their finest November gross sales months ever. Each firms have achieved 16 straight months of year-over-year (YOY) progress within the states.
Robust demand for Hyundai and Kia EVs propelled the manufacturers to second place in US electrical automobile gross sales behind solely Tesla in Q3. In line with registration information, Hyundai and Kia accounted for 7.5% of US EV gross sales within the third quarter, surpassing GM’s Chevy (5.9%) and Ford (5.5%).
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This comes regardless of not qualifying for the $7,500 EV tax credit score (solely by way of leasing). Hyundai’s International President, Jose Munoz, informed Reuters final month he’s “nonetheless very bullish” on EVs, pointing to gross sales doubling YOY.
“Primarily based on what I see, I would like extra. If I had extra capability immediately, I may promote extra automobiles,” Munoz defined.
Growing EV manufacturing to satisfy demand
Hyundai and Kia are actively increasing EV manufacturing to answer rising world demand for EVs. As such, the corporate expects EV exports to proceed to interrupt information sooner or later.
Hyundai broke floor on its large devoted EV manufacturing facility in Ulsan final month. As soon as up and working, the plant will be capable of construct 200,000 EVs a yr.
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After beginning development on its first US EV and battery plant within the US final October, Hyundai stated 99.9% of the muse work is now full. The $5.5 billion mega facility will allow Hyundai EVs to qualify for the EV tax credit score, which can assist enhance momentum additional.
The automaker additionally opened a brand new devoted plant for customized EVs. The seven-story good facility can produce 30,000 EVs a yr.
Electrek’s Take
Regardless of latest media headlines claiming the EV market is slowing, manufacturers like Hyundai and Kia are doubling down, and the outcomes are displaying.
Hyundai and Kia are setting information with distinctive all-electric automobiles. The IONIQ 5 and EV6 proceed to rack up awards whereas gaining reputation.
The model expects its subsequent wave of EVs to maintain the momentum going. Kia’s first three-row electrical SUV, the EV9, is rolling out globally. The brand new electrical SUV already has reservations in all 50 US states.
Kia revealed a number of new inexpensive EVs, together with the EV5, EV4, and EV3, at its annual EV day. The brand new electrical fashions will assist increase the model because the trade shifts to electrical.
In the meantime, Hyundai is anticipated to disclose its first three-row electrical SUV, the IONIQ 7, subsequent yr.
Supply: Hyundai
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