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Hyundai Motor and Kia Motors are about to see their yearly combined exports exceed 2 million units for the first time in 2011.
In particular, the Korean won’s recent depreciation against major currencies such as the dollar and the yen will likely be a favorable factor for the automakers’ coming exports in terms of price competitiveness.
According to the Korea Automobile Manufacturers Association, Hyundai-Kia saw their exports come to about 1.44 million units for the first eight months of the year.
Compared to their exports of about 1.28 units over the same period last year, the figure of 1.44 million is a 13-percent increase.
In terms of value, their exports reached $20.6 billion growing around 30 percent compared to the corresponding period of 2010.
The amount is equivalent to 5.6 percent of the nation’s total exports of $368.8 billion for the first eight months.
Hyundai-Kia group officials predict the current pace, under which monthly exports post more than 180,000 units on average, will make it possible for them to see exports top 2 million units this year.
Hyundai-Kia’s exports recorded about 1.99 million units last year, with a value of $25.3 billion.
The models which gained growing popularity in the overseas markets include Avante and Tucson ix of Hyundai Motor and K5, Sportage R and Sorento R of Kia Motors.
According to analysts in the brokerage sector, the recent weakness of the Korean currency will possibly accelerate Hyundai-Kia’s export performance.
Nomura Securities said in its recent research report that Korean exporters have price competitiveness when compared to Japanese manufacturers.
Morgan Stanley also said Korea will have export competitiveness in the mid- to long-term, analyzing that the won has depreciated against the Japanese yen.
Hyundai and its affiliate Kia emerged as one of the world’s top five automakers in global sales last year, selling more than 5 million vehicles.
Climbing six notches in less than 10 years was not a simple accomplishment, as it required stepping over global players including Honda, Nissan, Fiat, Chrysler and Peugeot.
“We have continued to expand their global presence over the past few years by showcasing a variety of models with high-end technologies and unique designs,” a Hyundai spokesman said.
He said the noteworthy performance could be seen in major automobile markets such as the United States, China, Brazil, India and Europe.
Hyundai-Kia saw their U.S. market share exceed 10 percent for the first time in May.
By Kim Yon-se (kys@heraldcorp.com)
In particular, the Korean won’s recent depreciation against major currencies such as the dollar and the yen will likely be a favorable factor for the automakers’ coming exports in terms of price competitiveness.
According to the Korea Automobile Manufacturers Association, Hyundai-Kia saw their exports come to about 1.44 million units for the first eight months of the year.
Compared to their exports of about 1.28 units over the same period last year, the figure of 1.44 million is a 13-percent increase.
In terms of value, their exports reached $20.6 billion growing around 30 percent compared to the corresponding period of 2010.
The amount is equivalent to 5.6 percent of the nation’s total exports of $368.8 billion for the first eight months.
Hyundai-Kia group officials predict the current pace, under which monthly exports post more than 180,000 units on average, will make it possible for them to see exports top 2 million units this year.
Hyundai-Kia’s exports recorded about 1.99 million units last year, with a value of $25.3 billion.
The models which gained growing popularity in the overseas markets include Avante and Tucson ix of Hyundai Motor and K5, Sportage R and Sorento R of Kia Motors.
According to analysts in the brokerage sector, the recent weakness of the Korean currency will possibly accelerate Hyundai-Kia’s export performance.
Nomura Securities said in its recent research report that Korean exporters have price competitiveness when compared to Japanese manufacturers.
Morgan Stanley also said Korea will have export competitiveness in the mid- to long-term, analyzing that the won has depreciated against the Japanese yen.
Hyundai and its affiliate Kia emerged as one of the world’s top five automakers in global sales last year, selling more than 5 million vehicles.
Climbing six notches in less than 10 years was not a simple accomplishment, as it required stepping over global players including Honda, Nissan, Fiat, Chrysler and Peugeot.
“We have continued to expand their global presence over the past few years by showcasing a variety of models with high-end technologies and unique designs,” a Hyundai spokesman said.
He said the noteworthy performance could be seen in major automobile markets such as the United States, China, Brazil, India and Europe.
Hyundai-Kia saw their U.S. market share exceed 10 percent for the first time in May.
By Kim Yon-se (kys@heraldcorp.com)
