ANN/THE KOREA HERALD – South Korea’s top carmaker Hyundai Motor Co and its sister company, Kia Corp, are set to post combined exports of two million units in 2023 signaling a recovery in the post-pandemic market, data showed.
Hyundai and Kia shipped 945,062 and 867,136 units of automobiles over the January-October period, the Korea Automobile and Mobility Association stated.
The combined figure represented a 17.5-per-cent rise from the same period in 2022, data showed.
Considering the monthly shipments of 180,000 units by the two carmakers, industry officials anticipate that their overseas sales for all of 2023 will exceed two million units for the first time since 2016.
“The increase came after the group expanded domestic production capabilities to address the rising demand for eco-friendly cars around the globe,” a Hyundai Motor Group official said.
The combined value of exports also reached USD43.9 billion over the January-October period, data showed, beating the previous year’s combined shipments worth USD41.5 billion.
The average price of cars sold came to USD24,000, up 68 per cent from USD14,000 tallied in 2016.
