Hyundai, Kia Hybrid car exports rise in 2024
(MENAFN) In the first seven months of 2024, Hyundai Motor Co. and its affiliate Kia Motors Co. experienced a significant boost in hybrid vehicle exports, with an impressive year-on-year increase of 35.2 percent. According to industry data from the Korea Automobile and transportation Association, the two companies shipped a total of 222,818 hybrid vehicles between January and July, compared to 164,851 units during the same period in 2023. This surge highlights the growing global demand for hybrid vehicles and underscores the success of Hyundai and Kia's strategic focus on this segment.
Hyundai Motor saw a particularly notable rise in hybrid vehicle exports, which climbed 58.3 percent year-on-year, reaching 141,032 units. This growth reflects the company's ongoing efforts to enhance its hybrid technology and adapt to the shifting preferences of consumers. Hyundai Motor's CEO, Jang Jae-hoon, announced last week that the company is committed to advancing its self-developed hybrid systems to better align with the increasing demand for hybrid vehicles. He revealed plans to extend the application of Hyundai's hybrid technology beyond its traditional focus on small and medium-sized vehicles to a broader range of models.
This expansion aligns with Hyundai Motor's strategic vision to capture a larger share of the hybrid vehicle market. The company's initiative to diversify its hybrid offerings is expected to further bolster its competitive edge and meet the evolving needs of consumers worldwide. As the global automotive market continues to shift towards more eco-friendly options, Hyundai and Kia's robust performance in hybrid vehicle exports positions them well to capitalize on these trends and drive future growth.
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