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Hyundai posts 2% drop in units sold in 2024 on weak domestic demand

Published: 03 Jan. 2025, 18:58

Hyundai Motor's Ioniq 9 during the vehicle's media preview event held in Los Angeles in November 2024 [CHO YONG-JUN]

Hyundai Motor said Friday that its annual sales slipped 1.8 percent from a year earlier in 2024 due mainly to a decline in domestic demand.

Korea's top automaker sold 4,141,791 units last year, down from 4,216,898 the previous year, the company said in a press release.

Domestic sales fell 7.5 percent on year to 705,010 units, while overseas sales edged down 0.5 percent to 3,436,781 units.

Hyundai Motor said it managed to improve its lineup of models by focusing on high-value vehicles despite unfavorable domestic and international business conditions in 2024, including high interest rates and inflationary pressure.

The company said it also expanded the sales regions for key new models, such as the revamped Tucson sport utility vehicle and the new entry-level Casper electric vehicle.

Hyundai Motor said it aims to sell 4,174,000 units in 2025 — 710,000 units in Korea and 3,464,000 units in the global market — by boosting its eco-friendly vehicle sales and expanding its production system in North America to enhance its market responsiveness there.

On the other hand, Kia, Hyundai's sister carmaker, achieved an all-time high in annual sales last year, selling approximately 3.09 million units.

Kia said it sold a total of 3,089,457 units in 2024, with 541,010 units sold domestically and 2,543,361 units overseas, marking a 0.1 percent increase compared to 2023. Domestic sales slipped 4.2 percent on year, but overseas sales grew 1 percent compared to 2023.

Kia's previous annual sales record was 3,087,384 units set in 2023.

In the global market, the best-selling model was the Sportage SUV, with 587,717 units sold in 2024, followed by the Seltos compact SUV with 312,246 units and the Sorento SUV with 280,705 units.

For December, Kia sold 14,647 units, more than double the 6,807 units sold a year ago.

Kia said it will work to sustain its sales growth while reinforcing its profitability and solidifying its position as a leading electrification brand in 2025.

For the new year, Kia has set a global sales target of 3,216,200 units — 550,000 in the local market and 2,658,000 in overseas markets.

Yonhap