It looks like Hyundai and Kia are doing relatively well outside South Korea’s borders.
According to the Korea Automobile and Mobility Association (KAMA), South Korean auto exports are poised to grow by 5.4% this year. This, after the country’s auto exports rose by an impressive 4.7% over just the first five months of 2024.
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The expected growth amounts to roughly $74.7 billion, which would be an an all-time high for the country’s car industry. If you take into account the country’s auto component sales, it increases further to $98 billion.
"Car exports are expected to enjoy solid growth in the second half, led by strong demand from the North American market and the rising popularity of domestic makers' SUVs and hybrid models,” KAMA’s report reads.
KAMA chief Kang Nam-hoon attributed the growth to a stabilized labor-management relationship and the local auto industry’s ability to maintain a steady supply chain despite global instability.
Impressive stuff. Unfortunately, the same can’t be said for the country’s domestic car sales, which fell 5.9% year-on-year to just 1.65 million units.
So, are you thinking about going South Korean for your next ride? If yes, let us know what model you plan to buy in the comments section.
