Hyundai, Kia receive Export Tower awards from KITA

Industry

Published: 05 Dec. 2023, 19:05

Hyundai, Kia receive Export Tower awards from KITA

Hyundai Motor CEO Chang Jae-hoon, left, and Kia CEO Song Ho-sung pose for the photo with their Export Tower awards given by the Korea International Trade Association in Coex in southern Seoul on Tuesday. [HYUNDAI MOTOR]

Hyundai Motor and Kia received the Export Tower award given out by the Korea Trade International Trade Association (KITA) on Tuesday after surpassing record export volumes of $30 billion and $20 billion over a year from July 2022 to June 2023.

The award was given to the two leading carmakers as they marked No. 1 and 2 in export volume out of some 1,700 companies, recognized for their efforts to expand into foreign markets despite uncertain macroeconomic activities.

Hyundai Motor CEO Chang Jae-hoon and Kia CEO Song Ho-sung attended the award ceremony held at Coex in southern Seoul on Tuesday, which also marked the 60th anniversary of Trade Day celebrated by KITA.

It marks the first time in 11 years since the two carmakers received the prestigious award in 2011.

Hyundai Motor’s export volume surged 29.6 percent to $31 billion compared to the same period the year before. For Kia, the figure rose 30.7 percent to $23.5 billion according to Hyundai Motor.

Global sales of EVs contributed to their growth, particularly in European regions targeting demand for clean vehicles.

Fronting Hyundai Motor’s latest all-electric model Ioniq 5, its EV sales in Europe jumped 9.7 percent on year.

In the United States, Hyundai Motor’s luxury brand Genesis made sales records for two consecutive years from 2021 and has grown its share in the auto market.

The combined number of EV exports from the two carmakers nearly doubled to 218,241 units in 2022 from 119,569 in 2020.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]