In the United States, Hyundai and Kia sold a record 36,172 hybrid vehicles in November, a 48.9 percent jump from a year earlier. Sales of the Palisade hybrid reached 3,405 units, while the Elantra hybrid posted a 95.7 percent gain. (Image courtesy of Hyundai Motor)
SEOUL, Dec. 10 (Korea Bizwire) — Hyundai Motor Group is on the verge of achieving its annual global sales target for the first time in more than a decade, helped by easing tariff pressures in the United States and surging demand for hybrid and electric vehicles in key overseas markets, the company said Tuesday.
The group set a global sales goal of 7.39 million vehicles for 2025. Through November, Hyundai Motor and Kia sold 6.71 million units worldwide, up 0.8 percent from a year earlier. Hyundai’s sales held steady at around 3.81 million vehicles, while Kia’s rose 1.8 percent to 2.9 million. Given the tariff shock that hit the U.S. market earlier this year, the company described the performance as resilient.
If December sales reach the group’s monthly average of 610,000 vehicles, Hyundai Motor Group would close the year with 7.31 million units sold, just shy of its target but within striking distance.
Company officials are increasingly confident, noting that Washington lowered tariffs on Korean-made vehicles in November from 25 percent to 15 percent, restoring price competitiveness against Japanese imports. Strong hybrid demand in the U.S. and surging electric vehicle sales in Europe have also boosted momentum.
In the United States, Hyundai and Kia sold a record 36,172 hybrid vehicles in November, a 48.9 percent jump from a year earlier. Sales of the Palisade hybrid reached 3,405 units, while the Elantra hybrid posted a 95.7 percent gain. As federal tax credits for fully electric vehicles expired in September, hybrid sales have filled the gap.
A view of Tustin Hyundai, a Hyundai dealership located in California, USA. (Photo courtesy of Hyundai Motor Group)
Europe, now the fastest-growing EV market, has been another driver of Hyundai’s near-target performance. According to the European Automobile Manufacturers Association, electric vehicle sales in Europe grew 26.2 percent year-on-year to 2.02 million units between January and October, the fastest rate on record.
Hyundai Motor and Kia sold 99,000 EVs in Europe over the same period, a 95 percent increase and close to crossing the 100,000 threshold. The companies currently sell 14 vehicle models in Europe, including 10 fully electric models.
“Our strategy is to expand our hybrid and electrified lineup to match diverse customer needs and turn challenges into competitive advantage,” said José Muñoz, Hyundai’s president.
Hyundai Motor Group last met its annual target in 2014, when it sold 8.003 million vehicles. Aggressive planning, the pandemic, and geopolitical shocks — including the U.S.-China trade war — widened the gap between forecast and actual sales from 2020 through last year, when the average deviation was about 8 percent.
This year marks a notable shift. Through November, Hyundai had already achieved 90.8 percent of its annual goal, and the gap between forecast and actual performance could narrow to about 1 percent if December follows average monthly trends.
A Hyundai official said the company plans to further strengthen region-specific production and sales strategies while continuing to build hybrid volume and increase market share with competitive new models.
Kevin Lee (kevinlee@koreabizwire.com)
