In a remarkable achievement, Hyundai Motor Group, encompassing Hyundai Motor Company and Kia, has set a new milestone in the automotive industry. By November 2021, the South Korean automotive titan reported selling around 767,000 hybrid electric vehicles (HEVs) globally. This record-breaking sales figure signifies the group’s growing dominance in the hybrid vehicle market.
Domestic and Global Sales Performance
Hyundai and Kia’s performance in the domestic Korean market was particularly noteworthy, with 254,258 HEVs sold, accounting for 21% of their total sales in the region from January to November. Internationally, their success continued with 513,000 HEVs sold. Overall, the group witnessed an impressive 32% annual increase in worldwide HEV sales.
Industry Ranking and Market Impact
The group’s success in the hybrid and all-electric vehicle markets has positioned Hyundai Motor Group to potentially retain its status as the world’s third-largest auto manufacturer. The Korean automotive industry has observed a surge in hybrid car sales, exceeding 300,000 units by November 2021, a 40% increase from the previous year. This surge is a testament to the growing appeal of hybrid vehicles in the domestic market, which has expanded significantly from around 62,000 units per year in 2016.
Development and Innovation
Hyundai and Kia attribute their success to their long-term investment in engine system development. Notably, in 2011, they introduced the world’s first parallel hybrid system with the Hyundai Sonata and Kia K5 models. The companies have continuously improved their hybrid systems, as evidenced by the launch of the new hybrid Sante Fe in 2020, featuring a 1.6-liter turbo engine with 180 horsepower.
Hyundai is already developing a new 2.5-liter Turbo based hybrid technology
Latest Models and Future Plans
The latest Santa Fe model, launched in August 2021, showcased Hyundai’s self-developed battery for hybrid vehicles. Kia’s new Carnival minivan, with its advanced hybrid technology, has also been well-received, with the hybrid model constituting about 70% of the minivan’s orders. Looking ahead, Hyundai Motor Group plans to introduce a next-generation hybrid system by 2025, promising significant improvements in fuel efficiency.
Market Outlook
As the shift towards purely electric vehicles progresses at a gradual pace, hybrid vehicles have gained significant attention. Market analysts project the global hybrid car market to reach $272 billion in 2021, with a compound annual growth rate of 7.3% expected through 2030. Hyundai Motor Group remains committed to leading this transformative era, focusing on expanding its range of eco-friendly vehicles.
