Major automakers benefit from South Korea-US deal

VTV.vn - The US's reduction of import tax on cars from Korea to 15% has created a big boost for two automakers, Hyundai and GM.

Korean car sales in the US market remain positive

Before the tax cut, South Korean automaker Hyundai had to bear 1.8 trillion won in taxes when exporting to the US in the third quarter alone. GM Group - short for General Motors - also estimated the tax impact in 2025 to reach 3.5-4.5 billion USD. Under the new trade agreement, the tax rate reduced from 25% to 15% will help the two companies significantly save on the cost of importing nearly 1.37 million vehicles from Korea to the US this year. Hyundai North America expects to import more than 951,000 vehicles from Korea for distribution in the US, while GM will import nearly 422,000 vehicles. Both confirmed that this move has facilitated plans to expand production and sales in the US market.

The US branch of Hyundai Motor Company (Korea) announced on December 2 that its sales in this market in November reached 74,289 units, down 2% compared to the same period last year (76,008 units). However, sales of hybrid vehicles (running on both gasoline and electricity) of the company increased by 42%, recording the highest monthly record ever.

By model, sales of the Tucson increased by 18%, SUVs such as the Santa Fe and Palisade increased by 13% and 10%, respectively, the Sonata Hybrid increased by 12%, the Elantra Hybrid increased by 96% and the Elantra N increased by 45%, all recording the highest sales in history for the month of November.

Hyundai's total U.S. sales for the first 11 months of this year reached 822,756 units, up 8% from 758,304 units in the same period in 2024. Hyundai said cumulative sales for 2025 are at an all-time high and forecast retail sales will continue to hit records for the fifth consecutive year.

Meanwhile, another Korean representative, Kia, also said it sold 72,000 cars in the US market in November, up 3% compared to 70,107 cars in the same period last year. This is also the company's highest achievement in November.

By model, the Carnival MPV saw a strong increase of 49%, achieving its highest monthly sales ever. Other models such as the Sportage, which increased by 12%, and the Seltos, which increased by 23%, also recorded their highest sales in months.

Source: https://vtv.vn/cac-hang-xe-lon-huong-loi-tu-thoa-thuan-han-quoc-my-100251204230204433.htm