Hyundai Motor Increases Exports to India and Southeast Asia...Replacing China and Russia?

Over 850,000 Units Sold in India Last Year
Market Share No.1 in Vietnam

Hyundai Motor Company achieved remarkable export results last year in emerging markets such as India and Southeast Asia. Building on this, the company is expected to focus its export strategy on the ASEAN (Association of Southeast Asian Nations) region instead of the recently sluggish markets of Russia and China, aiming to expand its market share.

According to Hyundai Motor Group on the 28th, Hyundai recorded wholesale sales of 605,000 units in the Indian region last year. Hyundai's sales in India surpassed 500,000 units in 2016 and exceeded 600,000 units for the first time last year. Kia, which entered the Indian market in 2019 with sales of 45,000 units, also surpassed 250,000 units last year.

Export performance was also notable in the Southeast Asian market. Last year, Hyundai and Kia sold 67,450 and 40,773 units respectively in Vietnam, ranking first and third in market share. Toyota ranked second with 57,414 units sold.

In the Philippine market, the two companies combined sold a total of 14,163 units. As a result, Hyundai (9,133 units) ranked 8th in the Philippine market, and Kia (5,033 units) ranked 10th. This is the first time both companies have entered the top 10 in sales volume.

Hyundai’s growing market share in India and Southeast Asia is due to setbacks in Russia and China. Last year, Hyundai’s sales in the Russian market dropped sharply by 47.5% year-on-year to 510,000 units. In particular, Hyundai has effectively withdrawn from the market by selling its Russian plant to a local company. Sales in China decreased by 3.5% to 245,000 units.

Hyundai is expected to significantly increase investments in India and Southeast Asia to expand its market share. The company plans to invest about 1.1 trillion KRW in the Talagaon plant in India, acquired from General Motors (GM) last year, to expand electric vehicle production facilities. Recently, Hyundai also announced an investment plan worth 980 billion KRW with the Tamil Nadu state government in India. Furthermore, Hyundai established a sole Southeast Asian subsidiary in Thailand following its presence in Indonesia and the Philippines, and Kia recently set up a local subsidiary in Thailand as well.

This content was produced with the assistance of AI translation services.