South Korean media: "Hope is seen", Hyundai's Chinese factory exports soar!

On May 31, a South Korean media outlet, The Guru, published an article stating that Hyundai's Chinese factory exports rose sharply last month. It was evaluated that the strategy to expand exports is paying off in response to the intensifying competition and sluggish sales in the domestic market. Expectations for achieving the goal of 100,000 vehicle exports this year are also increasing.

It was reported that last month, Beijing Hyundai, Hyundai's Chinese joint venture, exported more than 5,000 vehicles overseas. This represents an increase of 95% compared to the same period last year. In particular, considering that BAIC Group's export performance last month was 20,000 units (an increase of 10.8%), Beijing Hyundai accounted for 25%.

Prior to this, Beijing Hyundai's exports were only 445 units in 2023 and 44,578 units last year, skyrocketing over a hundredfold. According to local analysis, with the continuous growth momentum of exports, Beijing Hyundai's export market strategy has officially taken shape.

Analysts believe that the sharp increase in exports is due to the significant rise in shipments to emerging markets such as Southeast Asia and South America after Russia and the Middle East. It is assessed that launching localized strategic models and proactive marketing efforts have been effective.

In 2022, Beijing Hyundai released the "2025 New Plan" to rebound in the Chinese market and is making every effort. In particular, through price strategies, electric vehicle conversion, and expanded exports, it plans to sell 500,000 vehicles this year. Notably, the export target for this year is set at 100,000 vehicles.

A South Korean industry insider stated, "Beijing Hyundai's export growth is a positive signal, consistent with the overall trend of China's automotive industry expanding overseas. In particular, the expansion of exports to emerging markets will help strengthen the global market competitiveness of Hyundai's Chinese production base in the future. The expansion of exports is expected to enhance Beijing Hyundai's competitiveness in China."

Original article: https://www.toutiao.com/article/1833626328263680/

Disclaimer: This article solely represents the author's personal views.