'No wonder it's expensive' Hyundai Motor domestic sales price rises 40% over 5 years

2019 37.74M → 2024 1Q 53.19M
Overseas sales rose about 94.6% in the same period
Genesis model diversification is the primary cause

Hyundai Motor Company's vehicle selling prices have increased by 40% domestically and nearly doubled overseas over the past five years.

[Image source=Yonhap News]

According to the annual business reports and quarterly reports of Hyundai Motor and Kia, the average selling price of Hyundai's passenger cars in Korea rose from 37.74 million KRW in 2019 to 53.19 million KRW in the first quarter of this year, marking a 40.9% increase over five years. The average price of leisure vehicles (RVs), including SUVs, reached 52.23 million KRW in the first quarter of this year, up 47.4% compared to five years ago.

Overseas, the price increase rate was even higher due to exchange rate effects. The average selling price of Hyundai's passenger cars overseas rose from 32.98 million KRW in 2019 to 64.19 million KRW in the first quarter of this year, an increase of about 94.6%. During the same period, RV prices increased from 34.59 million KRW to 68.77 million KRW, a 98.8% rise.

The primary reason for the rise in selling prices appears to be the diversification of the premium Genesis brand models. The launch of electric vehicles and SUVs, which are more expensive than internal combustion engine cars or small cars, also contributed to this trend.

Kia's average vehicle selling price increase rate was lower than Hyundai's during the same period. Kia's domestic passenger car and RV selling prices increased by 4.3% and 37.3%, respectively, over five years. Overseas, passenger car prices rose 9.9%, and RV prices increased 47.5% during the same period.