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Hyundai Motor Group |
[Alpha Biz= Kim Jisun] SEOUL, Aug. 24 — South Korea’s leading automakers, led by Hyundai Motor Group, have effectively suspended exports of electric vehicles (EVs) to the United States following Washington’s tariff hikes on foreign-made cars.
According to the Korea Automobile & Mobility Association (KAMA), only 164 Korean-made EVs were shipped to the U.S. in July, marking a 97.4% drop compared with the 6,209 units exported in the same month last year. This is the lowest monthly volume since Korean EV exports to the U.S. began in earnest in 2021. From January through July, cumulative exports reached just 8,443 units, down 88.4% from 72,579 units in the same period of 2023.
The sharp decline comes after the U.S. scaled back federal EV purchase incentives, causing demand to weaken across the American market. Industry reports warn Hyundai Motor Group’s U.S. EV sales could fall by as many as 45,828 units annually, representing lost revenue of approximately KRW 2.72 trillion (USD 2 billion).
Hyundai Motor Group is now pivoting to localize production through its Georgia-based “Metaplant America” and diversify exports to Europe and other markets. The strategy is aimed at offsetting declining U.S. shipments and sustaining domestic production volumes.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
