Seoul, Sep 23 (IANS) Hyundai Motor Group sold 65.1 per cent of its vehicles in advanced markets, including the United States and Japan, last year, outstripping rival global automakers in profit-generating regions, a report showed on Tuesday.
According to the report from credit appraiser Nice Investors Service Inc., advanced markets accounted for 65.1 percent of Hyundai Motor Group’s total sales in 2024, compared with Toyota Motor’s 59.2 percent, Volkswagen’s 49.4 percent and 55.6 percent of General Motors (GM), reports Yonhap news agency.
Advanced markets were defined in the report as the United States, Canada, Western Europe, South Korea and Japan. According to the credit appraiser, the markets yielded higher average selling prices.
The South Korean auto group also led the competition in terms of high-margin trim sales rate, with 68.5 percent of Hyundai Motor and Kia’s combined sales coming from premium models as of June, beating GM, Toyota and Volkswagen, with 65.1 percent, 63 percent and 55.1 percent, respectively.
Analysts attributed the group’s strong showing to rising sales of sport utility vehicles (SUVs) and those from Genesis, its independent luxury brand.
Hyundai Motor and Kia’s financial strength was also rated solid, the report showed.
As of the end of June, Hyundai’s debt ratio stood at 63.8 percent and Kia’s at 64.6 percent. While slightly higher than Toyota’s 54.6 percent, the figures are much more stable than Volkswagen’s 114.5 percent and GM’s 180.4 percent.
Meanwhile, the company has opened its customer brand experience space in Seoul after a major renovation of the facility aimed at better showcasing the company’s heritage and culture, the automaker said on Tuesday.
The studio now features an automotive-themed library created in collaboration with Japan’s Culture Convenience Club, the operator of Tsutaya Books in the neighbuoring country. It houses more than 2,500 books and about 500 car-related items, including rare vintage collectibles expected to draw interest from motor enthusiasts.
—IANS
na/
