Hyundai and Kia report 42 percent increase in sales of their eco-friendly car models

Hyundai Motor Co. and Kia Corp. report a 42 percent year-on-year increase in sales of environmentally friendly new cars in their home country of South Korea. Environmentally friendly or green vehicles include electric-drive cars, hybrid vehicles and hydrogen-powered fuel cell vehicles. The two companies sold a total of 75,336 green vehicles in the period from January to May 2021. Of these, 54,560 were hybrid vehicles, 17,111 were e-cars and 3,665 were hydrogen vehicles. The year-on-year sales figures improved by 35.6; 62.2 and 59.7 percent, respectively. As a result, the market for hybrid vehicles is growing, which also means positive prospects for the Korean automotive industry. Growing production figures also mean increased imports and demand for various automotive parts and components, many of which are subject to mandatory KC certification.

Automotive industry observers made a connection between the increase in eco-car sales and the availability of chips and semiconductors. A senior executive said hybrid and e-cars require more semiconductors than conventional internal combustion vehicles. As a result, a shortage of semiconductors and electronic components recently led to frequent production stoppages and declines in hybrid car sales at Hyundai Motor again. In May, these surprisingly fell 24.8 percent year-on-year to 4,095 vehicles. As soon as the situation on the chip and semiconductor market improves again, experts expect a further rapid increase in car sales figures.

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Verena Numssen

About the author: Verena Numssen is managing director of MPR International GmbH

Publisher: MPR International GmbH

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