Hyundai Motor's Sales Dip 1.8% in 2024 Amid Weak Domestic Demand

Hyundai Motor, South Korea's leading automaker, said on Friday its annual sales slipped 1.8 per cent from a year earlier in 2024 due mainly to a decline in domestic demand. Hyundai Motor sold 4,141,791 units last year, down from 4,216,898 units sold the previous year, the company said in a press release. Domestic sales fell 7.5 per cent on-year to 705,010 units, while overseas sales edged down 0.5 per cent to 3,436,781 units, reports Yonhap news agency.

Hyundai Motor said it managed to improve its lineup of models sold by focusing on high-value vehicles despite unfavourable domestic and international business conditions in 2024, including high interest rates and inflationary pressure.

The company said it also expanded the sales regions for key new models, such as the revamped Tucson sport utility vehicle and the new entry-level Casper electric vehicle.

Hyundai Motor said it aims to sell 4,174,000 units in 2025 -- 710,000 units in South Korea and 3,464,000 units in the global market -- by boosting its eco-friendly vehicle sales and expanding its production system in North America to enhance its local market responsiveness.

Meanwhile, combined vehicle sales of leading South Korean automakers Hyundai Motor and Kia in Europe fell 10.5 per cent in November from a year ago, industry data showed.

According to the data from the European Automobile Manufacturers' Association (ACEA), Hyundai and Kia sold a combined 79,744 units in Europe last month. ACEA data showed Hyundai Motor's sales dropped 12.5 per cent on-year to 39,592 units, while those of Kia dropped 8.4 per cent to 40,152 units.

The combined market share of Hyundai and Kia in Europe for the 11-month period was tallied at 8.3 per cent, down 0.4 percentage point from last year.