Hyundai Motor Reports 6% Increase in U.S. Sales, Boosted by Eco-Friendly ModelsJapanese Automakers’ Market Share in South Korea Reaches Nearly 5-Year High

SEOUL — Hyundai Motor Co., South Korea's largest automaker, announced a 6% increase in its U.S. sales for February. The company sold 60,341 units in the United States last month, up from 57,044 units in the same period a year earlier. The rise in sales was primarily attributed to the growing demand for eco-friendly models, including hybrid and electric vehicles.

According to Yonhap News Agency, CEO of Hyundai Motor America, the company has observed a steady rise in the sales of electric vehicles and plug-in hybrids, marking significant year-over-year growth. Hyundai continues to focus on offering a diverse range of eco-friendly products, reinforcing its commitment to sustainability. Meanwhile, Kia Corp., Hyundai's sister company, experienced a 3% decrease in U.S. sales, selling 59,059 units compared to 60,859 units the previous year.

SEOUL - Japanese automakers have seen a significant rebound in South Korea, reaching a market share not seen in nearly five years.

According to Yonhap News Agency, sales of Japanese automotive brands, particularly Toyota, Honda, and Lexus, have been climbing, shaking off the impacts of a past trade dispute and the global coronavirus pandemic.

In January, a total of 1,961 units from these brands were sold in South Korea, capturing a 14.98 percent share of the country's imported auto market, as reported by the Korea Automobile Importers and Distributors Association (KAIDA). This is the first time since June 2019 that Japanese automakers have held more than 14 percent of the market. Their market share had dramatically fallen to 7.48 percent in 2020 and slipped further to 7.44 percent in 2021 due to the bilateral tensions and health crisis. However, in 2022, there was a slight recovery to 5.99 percent, with an improvement to 8.64 percent last year. The resurgence is attributed to the increasing popularity of hybrid models, as demand for electric vehicles appears to wane.

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