Seoul
South Korea’s top carmaker, Hyundai Motor, and its sister company, Kia, are expected to achieve combined exports of 2 million units in 2023, marking a significant recovery from the pandemic-related downturn. Data from the Korea Automobile & Mobility Association reveals that from January to October 2023, Hyundai and Kia shipped 945,062 and 867,136 units, respectively. This combined figure indicates a 17.5 percent increase compared to the same period in 2022. Industry officials anticipate that the two companies will surpass the 2 million unit mark for the entire year, a feat not achieved since 2016. The increase is attributed to the group’s expansion of domestic production capabilities to meet the growing demand for eco-friendly cars globally. The combined value of exports reached $43.9 billion over the January-October period, already surpassing the previous year’s shipments valued at $41.5 billion. The average price of cars sold during this period was $24,000, showing a significant increase of 68 percent from $14,000 recorded in 2016.
