COVID-19 Shock Continues... Domestic Complete Car Exports Plunge 28% in First Half of the Year

[Asia Economy Reporter Suyeon Woo] Due to the impact of the novel coronavirus infection (COVID-19), export routes have been blocked, causing the export performance of the domestic finished car industry to decline in the first half of this year.

According to the automobile industry on the 1st, the export performance of the five domestic finished car companies (Hyundai, Kia, Korea GM, Renault Samsung, Ssangyong) in the first half of this year was 2,233,709 units, a 28% decrease compared to the same period last year.

Renault Samsung, whose consignment production of the Nissan Rogue was suspended, experienced the largest export decline of 74%, while Ssangyong (-40%), Hyundai (-31%), and Kia (-20%) also could not avoid a sharp drop in exports due to COVID-19. Korea GM, which started export shipments of the new Trailblazer in the first half of this year, also recorded exports of 124,946 units, down 36% from the previous year.

On the other hand, the domestic market continued steady growth as the new car effect persisted. Domestic sales of the five finished car companies in the first half of this year exceeded 800,000 units at 800,089 units, a 6% increase compared to the previous year.

Renault Samsung, which saw the largest drop in exports in the first half of this year, sold 55,242 units in the domestic market, up 51% year-on-year, thanks to the strong performance of the XM3. Korea GM, which consecutively launched new models such as the Traverse, Colorado, and Trailblazer, also increased its market share with a 15% increase in domestic sales.

Hyundai Grandeur

◆ Overseas Sales in the First Half of the Year: Hyundai Down 31%, Kia Down 20%

Hyundai sold a total of 1,589,429 units worldwide in the first half of this year, with 384,613 units domestically and 1,204,816 units overseas. Compared to the same period last year, domestic sales increased by 0.1%, while overseas sales decreased by 30.8%.

Looking at the performance for June alone, sedans led domestic sales with the Grandeur (including 4,037 hybrid models) selling 15,688 units, followed by the Avante (including 31 old models) with 10,875 units, totaling 35,406 units sold.

The premium brand Genesis led sales with the G80 (including 16 old models) selling 7,905 units, followed by the GV80 with 3,728 units, G70 with 981 units, and G90 with 701 units, totaling 13,315 units sold.

Kia sold a total of 1,161,246 units globally in the first half of this year, with 278,287 units domestically and 882,959 units overseas. Domestic sales increased by 14.6% year-on-year, but overseas sales sharply declined by 20.4%.

In June alone, the Sorento led domestic sales with 11,596 units, marking the third consecutive month as Kia's top monthly seller. The total sales of RV models were 28,361 units, including Seltos with 5,536 units, Carnival with 3,286 units, and Mohave with 2,548 units.

Overseas sales in June were 147,401 units, down 23.8%. The Sportage was the top-selling overseas model with 28,337 units sold, followed by the Seltos with 20,014 units and the K3 (Forte) with 15,992 units.

Renault Samsung XM3

◆ Foreign-affiliated Three Companies Also Saw 30% Export Decline in the First Half

Renault Samsung's consignment production contract for the Nissan Rogue ended in March this year, leading to a sharp monthly decline in exports compared to the previous year. Renault Samsung's exports in the first half were 12,424 units, down 74.8% year-on-year.

Despite starting exports of the Trailblazer, Korea GM is facing difficulties in export recovery as the North American market sales network has been virtually paralyzed due to COVID-19. Korea GM's exports in the first half were 124,946 units, down 36%. Ssangyong's export volume in the first half was 8,564 units, falling below 10,000 units, a 40% decrease compared to the same period last year.

On the other hand, in the domestic market, Renault Samsung and Korea GM, excluding Ssangyong, are fully enjoying the new car effect. The Renault Samsung XM3, launched in the first half of this year, surpassed cumulative sales of 20,000 units within four months of launch, consistently selling over 5,000 units per month, while Korea GM's Trailblazer has sold a cumulative 9,545 units, continuing its popularity.

This content was produced with the assistance of AI translation services.