Renault Samsung Motors "Highest Replacement Rate of Old Cars in the First Half Among Domestic Brands"

[Asia Economy Reporter Kiho Sung] Renault Samsung Motors announced on the 10th that it ranked first in the replacement rate among domestic complete car brands as a result of investigating the effect of the government's old car replacement support policy implemented in the first half of this year.

The government's old car replacement support policy is a policy that reduces the individual consumption tax on new car purchases by up to 70% within a limit of 1 million KRW for consumers who replace old cars over 10 years old with new cars that are not diesel vehicles. It was temporarily implemented for six months from January to June.

In the case of Renault Samsung Motors, during the relevant period, 8,037 old vehicles were scrapped, while 11,634 new cars were sold, recording the highest old car replacement rate of 145% among domestic complete car brands.

By fuel type, a total of 6,654 gasoline vehicles were sold through the old car replacement support, the highest number, and in particular, the XM3, despite being launched in March, sold a total of 3,218 units over three months, ranking first in sales among Renault Samsung gasoline vehicles. This figure also corresponds to 4th place in the overall sports utility vehicle (SUV) sales ranking, including all complete car brands.

In addition, Renault Samsung Motors' QM6 sold a total of 6,967 units through the old car replacement support, ranking first in total SUV sales including all complete car brands. In particular, the QM6 LPe, the only LPG SUV model in Korea, accounted for the highest proportion of QM6 sales with 3,855 units replacing old diesel and gasoline vehicles.

Kim Tae-jun, Head of Sales at Renault Samsung Motors, said, “The popularity of Renault Samsung Motors' models such as the XM3 and QM6 being well received by consumers has been proven once again through the sales volume from the old car replacement support.” He added, “Although the situation is difficult due to COVID-19, if the government's support policy and good products from companies create a synergy effect, this crisis can be overcome sufficiently, and I hope this will be a good example showing that.”

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