Jung Eui-sun's 'Getting the Right Price' Effect... Overseas Sedan Average Price Exceeds 60 Million Won

Jung Eui-sun's 'Getting the Right Price' Effect
Hyundai Motor's Average Overseas Selling Price Rises
Through Premiumization, Advanced Technology, and Electrification Strategies
Genesis Overseas Sales Share Reached 44% Last Year
'Woods Effect' Changes Perception in the U.S.
Kia's EV9 Also a Star... Overseas RV Prices Increase

Last year, the average price of sedan models sold overseas by Hyundai Motor Company surpassed 60 million won for the first time. This is seen as the result of Chairman Chung Euisun's strategy emphasizing quality over quantity and "getting the right price." In particular, the Genesis brand, launched in 2015 with a premium strategy, succeeded overseas, enhancing Hyundai's brand image and driving up vehicle prices.

According to Hyundai's business report on the 14th, the company's average overseas sedan selling price last year was 62.92 million won, a 24% increase from the previous year. While Hyundai's overseas sports utility vehicle (SUV) prices had previously exceeded 60 million won, it was the first time sedan prices surpassed that mark last year. During the same period, the average overseas SUV price was 67.44 million won, up 7% from the previous year.

This outcome appears to be largely influenced by the shift of Hyundai's main overseas markets to North America and Europe. Last year, 4 out of every 10 vehicles Hyundai sold overseas were sold in North America or Europe, with the premium strategy led by Genesis proving effective especially in North America. The continued strong exchange rate also played a role.

Genesis Overseas Share 44% "Woods Effect"

Last year, Genesis sold 225,189 units worldwide. Of these, nearly 100,000 were sold overseas, accounting for 44% of total sales. Since the brand's launch in 2015, Genesis had been considered a brand sold exclusively in Korea until 2020.

However, in 2021, an unexpected event in the United States became a turning point for the Genesis brand image. The "Golf Emperor" Tiger Woods was involved in a car accident while driving a Genesis GV80 in Los Angeles. Although the vehicle rolled over in a serious accident, Woods fortunately escaped unharmed. This incident publicly demonstrated the safety of Genesis vehicles, changing Americans' perception of Hyundai.

Whereas Hyundai was once known in the U.S. market as a cost-effective car, it has now begun to be recognized as a safe and advanced luxury vehicle. Since then, Genesis has increased sales mainly in North America, achieving a cumulative global sales volume of 1 million units by last year. The overseas sales ratio, which was only 18% in 2020, rose to 37% in 2022 and reached 44%, nearly half, in 2023.

Not only sedans but also overseas SUV prices continue to rise. Last year, Hyundai's average overseas SUV selling price was 67.44 million won, exceeding 60 million won for the second consecutive year. In line with the global preference for SUVs, Hyundai strengthened its overseas SUV lineup last year by launching new models of Kona and Santa Fe.

Kia’s Large Electric Vehicle EV9 a Cash Cow

Kia also increased sales mainly of SUVs, with the average overseas SUV price reaching 57.79 million won, a 14% increase from the previous year. The average overseas sedan price rose only 2% to 34.09 million won.

Last year, Kia launched the flagship large electric SUV EV9 in the global market. The EV9’s starting price in the U.S. is $54,900 (approximately 72 million won), while in Europe, even the base trim exceeds 100 million won. Despite this, it is explosively popular overseas compared to Korea. More than 7 out of every 10 EV9s sold globally last year were exported overseas. Hyundai and Kia plan to continue increasing sales this year focusing on SUVs, eco-friendly vehicles, and high value-added vehicles such as Genesis, aiming to maximize profitability again this year following last year.

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