Hyundai Motor Reports 1.8% Decline in Sales for 2024 Due to Domestic Demand Drop

Seoul, Jan 3 (NationPress) Hyundai Motor, recognized as South Korea's foremost automaker, disclosed on Friday that its yearly sales experienced a 1.8% decline compared to the previous year in 2024, largely due to weakened domestic demand.

Hyundai Motor recorded 4,141,791 units sold last year, a drop from 4,216,898 units in the prior year, as stated in the company’s press release.

Domestic vehicle sales plunged 7.5% year-on-year to 705,010 units, whereas international sales saw a slight decline of 0.5% to 3,436,781 units, according to reports from Yonhap news agency.

The automaker noted that it successfully enhanced its model offerings by concentrating on high-value vehicles, despite facing challenging domestic and global business circumstances in 2024, including high interest rates and inflationary pressures.

Furthermore, Hyundai Motor expanded its sales territories for key new models, including the redesigned Tucson sport utility vehicle and the new entry-level Casper electric vehicle.

Hyundai Motor aims to achieve sales of 4,174,000 units in 2025, comprising 710,000 units in South Korea and 3,464,000 units globally, by increasing its sales of eco-friendly vehicles and enhancing its production capacity in North America to better respond to local market demands.

Meanwhile, the combined sales figures for leading South Korean automakers Hyundai Motor and Kia in Europe fell by 10.5% in November compared to the previous year, as indicated by industry data.

Data from the European Automobile Manufacturers' Association (ACEA) revealed that Hyundai and Kia together sold 79,744 units in Europe last month. The ACEA report also showed that Hyundai Motor's sales decreased by 12.5% year-on-year to 39,592 units, while Kia's sales dropped by 8.4% to 40,152 units.

The collective market share for Hyundai and Kia in Europe over the first 11 months of the year was recorded at 8.3%, down by 0.4 percentage points from the previous year.