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Auto exports inch down in April on US tariff impact

Korea Herald

20-05-2025

Automotive
Korea Herald

Auto exports inch down in April on US tariff impact

South Korea's automobile exports declined slightly in April from a year earlier, largely due to a sharp drop in shipments to the United States following Washington's imposition of steep tariffs on foreign-made cars, government data showed Tuesday. The value of outbound shipments of automobiles came to $6.53 billion last month, down 3.8 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy. By region, exports to North America tumbled 17.8 percent on-year to $3.36 billion, with shipments to the US plunging 19.6 percent to $2.89 billion. In contrast, exports to the European Union surged 26.7 percent to $953 million, driven by robust sales of Kia Corp.'s EV3 and Hyundai Motor Co.'s Casper Electric. On the domestic front, car sales increased for the third consecutive month in April, growing 6.7 percent from a year earlier. The rise was led by strong demand for electric vehicles and hybrid models, which saw sales growth of 50.3 percent and 29.9 percent on-year, respectively. EVs and hybrids accounted for 46 percent of the total 151,000 vehicles sold in the domestic market last month. The South Korean auto industry is closely monitoring the impact of the 25 percent tariff imposed by the Donald Trump administration, which took effect on April 3. In response, the government announced plans to inject an additional 2 trillion won ($1.43 billion) in liquidity into the industry, on top of the previously pledged 13 trillion won in policy financing. Seoul also vowed to consider a range of measures to bolster the domestic automotive sector, including expanded subsidies for EV purchases, extended tax incentives for new vehicle buyers and efforts to diversify export markets. Meanwhile, South Korea and the US are scheduled to begin working-level consultations later this week to draw up a comprehensive agreement by early July. The talks will cover the new US tariff regime, as well as broader economic and industrial cooperation. (Yonhap)

Kia reports record EV sales in Europe in first quarter

Korea Herald

06-05-2025

Automotive
Korea Herald

Kia reports record EV sales in Europe in first quarter

Kia Corp., South Korea's second-biggest carmaker, sold a record number of electric vehicles in Europe in the first quarter, data showed Tuesday. Kia sold 27,761 EVs during the January-March period in the European market, a 17 percent increase from the previous record set in the third quarter of 2023, according to the data provided by the company. The proportion of EVs in the company's overall vehicle sales in Europe also surpassed the 20 percent mark for the first time. The boost in EV sales was spearheaded by the Kia EV3, a compact electric sport utility vehicle model, which sold 17,878 units in the first quarter, accounting for 64 percent of the company's total EV sales in the cited period. Sales of EVs are rapidly increasing in Europe, with 573,500 cars sold in the first quarter alone, up 28 percent from the same period last year, according to data from the European Automobile Manufacturers' Association. The South Korean automaker plans to beef up its EV lineup with the launch of the new EV4, EV5 and PV5 models in Europe this year. (Yonhap)

Kia sets goal of 90,000 electric pickup sales in North America, even as it cuts EV forecast

Yahoo

09-04-2025

Automotive
Yahoo

Kia sets goal of 90,000 electric pickup sales in North America, even as it cuts EV forecast

Kia plans to eventually sell 90,000 all-electric pickups a year in North America, as the South Korean carmaker diversifies its product lineup to prop up softening electric vehicle demand. News of the electric pickup came April 9 at Kia Corp.'s annual Investor Day presentation by CEO Ho Sun Song. He downgraded Kia's global EV sales target to 1.26 million all-electric vehicles by 2030, from a previous target of 1.6 million. The company sees total worldwide sales of 4.19 million that year. The new outlook for global volume is also down from Kia's previous target of 4.3 million. In 2024, Kia's global EV sales rose 10 percent to 201,000. Overall sales grew 0.1 percent to 3.09 million. Branching into all-electric light commercial vehicles and trucks is a key pillar of the automaker's EV expansion strategy as it tries to boost economies of scale and better absorb development costs. Sign up for the Automotive News F&I Report to get news, ideas and commentary delivered each Wednesday afternoon on how to maximize profits from your F&I products and services. On tap is a new line of all-electric people- and cargo-movers, dubbed PBV, for 'platform beyond vehicle.' The rollout starts with this year's PV5 van and continues with a PV7 in 2027 and a PV9 in 2029. Kia wants to sell some 250,000 PBVs by 2030 as part of its EV mix. On the passenger-vehicle side, Kia will expand its lineup with the EV2, EV3, EV4 and EV5. The upcoming pickup will be based on a new EV platform designed for urban and outdoor use, Kia said. The company targets 'long-term annual' sales of 90,000 vehicles. It didn't give a timeline. 'The vehicle will feature best-in-class interior and cargo space, a robust towing system, off-road capabilities, and advanced infotainment and safety features,' Kia said in a press release. Song teased the pickup April 3 on the sidelines of the Seoul Mobility Show, saying he would make an announcement about the U.S. introduction soon. He called it a midsize pickup. Kia introduced its first pickup, the Tasman, last year. The rugged-looking Tasman and the utilitarian PV5 series were centerpieces of Kia's booth at the Seoul show. Kia said it wants to sell 80,000 Tasman pickups a year globally. The U.S. midsize pickup field, long dominated by the Toyota Tacoma, is growing crowded. Newer entries, such as the Jeep Gladiator and a bigger Ford Ranger, have joined the fray. But on the all-electric front, only the Ford F-150 Lightning, Chevrolet Silverado, GMC Sierra, Tesla Cybertruck and Rivian R1T play in the large pickup space. Song said one reason Kia is rolling out a line of all-electric light commercial vehicles and pickups is to get in early on an EV commercial segment still taking off. Kia fueled rampant speculation about a U.S. pickup last year when it debuted the Tasman as a midsize body-on-frame workhorse for emerging markets. With vaguely Mad Max styling cues and angular modular paneling and fender boxes, the Tasman targets markets such as Australia, Africa and the Middle East. It lands in the home market of South Korea this year. In the rough-and-tumble emerging markets, the Tasman will go up against the likes of such pickup stalwarts as the Toyota Hilux, Isuzu D-Max, Volkswagen Amarok and Ford Ranger. While a fossil-fuel Tasman seems out of the running for the U.S., its funky styling hints at the way Kia designers might think about tough trucks. It has a 2.2-liter inline four-cylinder engine, available for gasoline or diesel, with a towing capacity of up to 3,500 kilograms (7,716 pounds). Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Sign in to access your portfolio

BYD to Double Korea Sales Network in Challenge to Hyundai

Bloomberg

03-04-2025

Automotive
Bloomberg

BYD to Double Korea Sales Network in Challenge to Hyundai

BYD Co. plans to increase its sales network in South Korea, a car market dominated by local brands Hyundai Motor Co. and Kia Corp., as it pushes for more deliveries outside of its home stronghold of China. 'We will increase our sales network to 30 by end of this year from 15 to meet demand from Korean consumers,' Liu Xueliang, the general manager of BYD's Asia Pacific auto sales division, said at the Seoul Mobility Show in Ilsan city on Thursday.

Kia CEO Looks to Europe as Trump's Tariffs Cloud US Outlook