Hyundai Exports 2 Millionth Car to Latin American

Ecuador is remembered in the annals of Korean automotive history as the first importer of Korean cars in 1976, when Hyundai sold five of its Pony passenger cars there. "Ecuador became our export target because we were focusing at the time on countries that didn't have very stringent safety or environmental regulations," a former Hyundai Motor executive admits, which indicates how shoddy the Ponies must have been.

Thirty-five years later, exports to Latin America on Saturday surpassed 2 million units, Hyundai said Sunday. The landmark was reached as it loaded 800 Accent subcompact passenger cars and Tucson iX SUVs on a ship in Ulsan port headed for Chile.

As of the end of September this year, Hyundai shipped 17.7 million vehicles worldwide, rising to 28.3 million if affiliate Kia is included.

Exports to Latin America are increasing. In 2006, Hyundai's shipments to the region surpassed 1 million, but it took only another five years to break the 2 million mark. The Korean automaker now exports 17 different models to 41 countries in Latin America, including the Accent, Avante and Tucson iX.

Exports in the first nine months of this year included 56,365 vehicles to Brazil, 20,434 to Chile and 18,834 to Colombia totaling 175,275 units. Hyundai projects exports to Latin America to reach 255,000 units this year.

Hyundai and Kia rank first in sales in four Latin American countries -- Colombia, Chile, Panama and Peru. Korea signed an FTA with Chile in 2004 and with Peru in August this year, and plans to ink one with Colombia this year, raising hopes of additional exports due to tariff cuts and other incentives.