“Sales in markets outside of Korea were up by 10.7 percent to 830,665 units, while sales in Korea increased 25.6 percent to 191,047 units,” Hyundai noted in its financial report. “The strong sales mainly stemmed from the improvement of production as chip and component supplies stabilized worldwide.”
Hyundai continues to make significant investments in the electric vehicle space. It is moving ahead with plans to establish an EV battery cell plant in Georgia with South Korean’s SK On, the world’s fifth-largest supplier of EV batteries. Hyundai Motor, Kia, and Hyundai Mobis all recently approved the plan having first announced an agreement with SK On in November 2022 with the aim of securing EV battery supplies for the North American market.
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