South Korean automakers Hyundai and Kia hit their highest export performance ever. The surge in exports was driven by Hyundai’s competitive EVs and expanding global sales.
Hyundai and Kia were recognized for their performance at the 60th Trade Day ceremony in South Korea on Tuesday.
After a record-setting year, both companies won the “Top of Export” award. Hyundai ranked first, with exports reaching $31 billion (+29.6% YOY), while Kia came in second with $23.5 billion (+30.7%).
The growth comes amid rising interest rates, supply chain shortages, and deepening protectionism. Hyundai attributes the increase to launching competitive electric vehicles, improving its sales mix, and expanding globally.
New EV models based on Hyundai’s E-GMP platform are leading to an improved sales mix. Hyundai and Kia’s dedicated EVs, including the IONIQ 5, IONIQ 6, and Kia EV6, were big factors in achieving record exports.
The company says its new EVs are “playing a major role in helping Hyundai Motor Company and Kia secure leadership in the global electric vehicle market.”
Hyundai and Kia EVs lead to record exports
EV exports nearly doubled between the two companies, from 119,569 in 2020 to 218,241 in 2022.
In the US, Hyundai and Kia had their best November sales months ever. Both companies have achieved 16 straight months of year-over-year (YOY) growth in the states.
Strong demand for Hyundai and Kia EVs propelled the brands to second place in US electric vehicle sales behind only Tesla in Q3. According to registration data, Hyundai and Kia accounted for 7.5% of US EV sales in the third quarter, surpassing GM’s Chevy (5.9%) and Ford (5.5%).
This comes despite not qualifying for the $7,500 EV tax credit (only through leasing). Hyundai’s Global President, Jose Munoz, told Reuters last month he is “still very bullish” on EVs, pointing to sales doubling YOY.
“Based on what I see, I need more. If I had more capacity today, I could sell more cars,” Munoz explained.
Increasing EV production to meet demand
Hyundai and Kia are actively expanding EV production to respond to rising global demand for EVs. As such, the company expects EV exports to continue to break records in the future.
Hyundai broke ground on its massive dedicated EV factory in Ulsan last month. Once up and running, the plant will be able to build 200,000 EVs a year.
After starting construction on its first US EV and battery plant in the US last October, Hyundai said 99.9% of the foundation work is now complete. The $5.5 billion mega facility will enable Hyundai EVs to qualify for the EV tax credit, which will help boost momentum further.
The automaker also opened a new dedicated plant for custom EVs. The seven-story smart facility can produce 30,000 EVs a year.
Electrek’s Take
Despite recent media headlines claiming the EV market is slowing, brands like Hyundai and Kia are doubling down, and the results are showing.
Hyundai and Kia are setting records with unique all-electric vehicles. The IONIQ 5 and EV6 continue to rack up awards while gaining popularity.
The brand expects its next wave of EVs to keep the momentum going. Kia’s first three-row electric SUV, the EV9, is rolling out globally. The new electric SUV already has reservations in all 50 US states.
Kia revealed several new affordable EVs, including the EV5, EV4, and EV3, at its annual EV day. The new electric models will help expand the brand as the industry shifts to electric.
Meanwhile, Hyundai is expected to reveal its first three-row electric SUV, the IONIQ 7, next year.
On today’s informative episode of Quick Charge, we’ve got Honda engineers Jason Hwang and Emilio Sanchez to talk us through some of the things that make the GM Ultium-based Honda Prologue EV feel like a real Honda, and why that matters.
Jason and Emilio talk about some of the choices they made to make the Honda Prologue and Acura ZDX feel different from its GM-branded cousins, and explain why this was much more than a case of badge-engineering. Give it a listen, then let us know what you think of the Prologue and ZDX in the comments.
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The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.
The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.
These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.
The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.
Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:
Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.
In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.
The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.
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Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.
The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.
During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.
Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.
The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.
Kia’s new EV4 is now testing in the US
Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.
The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.
Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).
Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.
The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.
Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.
We will learn official prices closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.
Kia is teasing five new vehicles for the US, at least one being a new EV, that will debut at the LA Auto Show next week. Will it be the EV3? EV4?
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