Japanese cars are ‘running fast’ due to demand for hybrids in the U.S.… Hyundai Motor Company: “We will capture that market”

by times news cr

2024-05-08 20:28:59

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As demand for hybrids (HEVs) soars in the U.S. automobile market, Japanese automakers are benefiting greatly. Major Japanese brands such as Toyota and Honda recorded double-digit sales growth rates this year. Hyundai Motor Company (005380) and Kia (000270) also plan to actively respond to market demand by actively increasing hybrid production.

According to the automobile industry on the 8th, sales of eco-friendly cars in the United States last month were 238,557 units, a 10% increase compared to the same month last year.

Sales volume by vehicle type is 118,435 hybrids, 26,476 plug-in hybrids (PHEVs), and 93,598 electric vehicles (BEVs). The increase rates compared to a year ago were 17.8%, 9.6%, and 0.8%, respectively. It can be seen that hybrid demand has driven the eco-friendly car market.

The leading company in the hybrid market is undoubtedly Toyota. Toyota sold 66,215 HEVs in the U.S. last month, accounting for 55.9% of the entire hybrid market. Honda also sold 21,429 hybrids last month, recording an 18% market share.

About 440,000 hybrids were sold in the U.S. from January to April this year, with the combined market share of Toyota (58%) and Honda (19%) reaching 77%. Hyundai Motors and Kia are at 11%.

Due to increased demand for hybrids, Toyota and Honda recorded double-digit sales growth rates this year. Toyota sold 669,967 units in the U.S. from January to April this year, an increase of 19.5% compared to the same period last year. During the same period, Honda’s sales also increased by 15.7% to 409,493 units.

As Japanese companies are rapidly encroaching on hybrid demand, Hyundai Motor Company and Kia Motors’ U.S. sales this year are somewhat stagnant. Although they are continuing to sell eco-friendly vehicles such as electric vehicles and hybrids, they are struggling due to sluggish demand for electric vehicles and a shortage of hybrid supply.

Hyundai Motors (including Genesis) sold 273,692 units in the U.S. from January to April this year, down 0.4% from a year ago. Kia recorded 245,375 units, a 2.8% decrease from the previous year. In April, there were a total of 139,865 units, including 74,111 Hyundai vehicles and 65,754 Kia ​​vehicles, down 3.5% from the previous year.

Hyundai Motor Group plans to actively respond to demand in the U.S. hybrid market. The company has adjusted its plan to produce hybrids not only domestically but also at its electric vehicle manufacturing plant (HMGMA) in Georgia, USA, which is scheduled to start operation in the fourth quarter of this year.

In addition, a new hybrid powertrain production line was recently installed at the Jigok Plant in Seosan of Hyundai Transys, a parts affiliate of the group. This production line will be used for Hyundai Motor Group’s next-generation hybrid platform (TMED-2) and will also be used for HMGMA.

Hyundai Motor Group plans to significantly expand its hybrid lineup by launching the new Palisade Hybrid equipped with a next-generation platform. The new Santa Fe hybrid model was recently launched, and the Tucson hybrid model will also be introduced in the second half of the year.

Kim Jin-seok, a researcher at Mirae Asset Securities, said, “Among global automakers, the only ones that can respond to hybrid demand are Hyundai Motors, Japanese automakers, and Ford. Among them, the one with an excellent powertrain portfolio is Hyundai Motor Company.” He added, “Hyundai Motors’ hybrid profitability is already at the level of internal combustion engine vehicles. “It exceeds the level of some models,” he explained.

(Seoul = News 1)

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2024-05-08 20:28:59

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