Hyundai Motor's vehicle selling prices soared over the past five years due to a weak win (South Korean currency), higher costs and high-end models, the company's data showed on Monday.
In the domestic market, the average selling price of Hyundai's passenger vehicles rose to 53.19 million won (about USD 39,210) in the January-March period, up 41 per cent from 37.74 million won (around USD 27,821) for all of 2019, according to the company's earnings reports.
Hyundai's overseas vehicle selling prices also jumped to 64.19 million won (around USD 47,319) in the first quarter (Q1), up 95 per cent from 32.98 million won (around USD 24,312) in 2019 mainly due to the won's weakness against the US dollar, reports Yonhap News Agency.
"A combination of a weak won, rising manufacturing costs, and increased sales of SUVs and high-end Genesis models drove up the selling prices of vehicles sold overseas, in particular," a company spokesperson said.
But Kia reported a much lower increase in vehicle selling prices at home and abroad during the cited period.
Its domestic car-selling prices rose 4.3 per cent to 34.01 million won (around USD 25,073) from 32.59 million won (around USD 24,027), while overseas car-selling prices climbed 9.9 per cent to 33.06 million won (around USD 24,373) from 30 million won (around USD 22,105), the data showed.
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Inputs from IANS
