The average selling price (ASP) of Hyundai Kia Automotive Group’s car models has turned out to go higher compared to last year as high-end vehicles such as Hyundai Motor’s luxury brand Genesis and SUVs fared well in the market.
Hyundai Kia Automotive Group announced on Sunday that the ASP of its automobiles that sold domestically recorded 33.4 million won during the second quarter of the year. It rose by 5.4 million won or 19.3 percent from 28 million won during the year of 2018. The SUV GV80 and the G80, flagship models of the Genesis brand, which are priced at more than 80 million won with some add-ons, made major contributions to the increase in the ASP. Orders have even piled up for the two latest models of this year, demonstrating how successfully the high-end models are doing in the market.
SUV models, which sell at a higher price than sedans do, have showed increases in sales over time. The share of SUVs in Hyundai Motor’s sales portfolio went up from 35.8 percent in 2018 to 40.5 percent last year. This year, they took up 43.4 percent during the first quarter while recording 40.8 percent for the second one. Kia Motors’ ASP in the second quarter of the year was 26.8 million won, 9.7 percent up from 24.4 million won on a year-on-year basis.
Do-Hyong Kim firstname.lastname@example.org