South Korea Automobiles US April Auto Pricing Update for HMC and Kia

Hyundai and Kia's April US net pricing rose 4.1% YoY, outperforming the industry's 1.6% growth. Goldman Sachs remains bullish on market share gains for HMK in 2026, driven by hybrid vehicles and robotics momentum.

Key Takeaways

• 1.HMK (Hyundai and Kia) outperformed the US industry pricing trends in April, with net prices rising 4.1% YoY to $34,862 compared to the industry average of +1.6%.
• 2.Both HMC and Kia are projected to gain US market share in 2026, reaching 6.4% and 5.6% respectively, driven by strong hybrid product lines.
• 3.Kia is identified as a valuation laggard, trading at 8.3x 1y fwd PE, a significant discount to HMC's 16.8x despite having similar robotics and autonomous driving catalysts.

Table of Contents

• South Korea Automobiles: US April auto pricing update for HMC and Kia
• Price Target Risks and Methodology - Hyundai Motor
• Price Target Risks & Methodology - Kia
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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