This photo provided by Hyundai Motor Group shows the group’s headquarters in southern Seoul. (Image courtesy of Yonhap)
SEOUL, May 20 (Korea Bizwire) — Hyundai Motor Co.’s vehicle selling prices soared over the past five years due to a weak won, higher costs and high-end models, the company’s data showed Monday.
In the domestic market, the average selling price of Hyundai’s passenger vehicles rose to 53.19 million won (US$39,000) in the January-March period, up 41 percent from 37.74 million won for all of 2019, according to the company’s earnings reports.
Hyundai’s overseas vehicle selling prices also jumped to 64.19 million won in the first quarter, up 95 percent from 32.98 million won in 2019 due mainly to the won’s weakness against the U.S. dollar.
“A combination of a weak won, rising manufacturing costs, and increased sales of SUVs and high-end Genesis models drove up the selling prices of vehicles sold overseas, in particular,” a company spokesperson said.
But Kia reported a much lower increase in vehicle selling prices at home and abroad during the cited period.
Its domestic car selling prices rose 4.3 percent to 34.01 million won from 32.59 million won, while overseas car selling prices climbed 9.9 percent to 33.06 million won from 30 million won, the data showed.
(Yonhap)
