Renault Samsung "XM3, Significant Impact on Domestic Small SUV Market Growth"

[Asia Economy Reporter Kiho Sung] The domestic small sports utility vehicle (SUV) market grew by 28.4% year-on-year from January to September this year. In particular, during this period, Renault Samsung Motors' XM3 sales (27,607 units) accounted for 75% of the total increase in small SUV volume (36,837 units).

Renault Samsung Motors announced these results on the 28th through a survey by the Korea Automobile Manufacturers Association (KAMA).

Last year, five domestic automakers introduced nine small SUV models. The cumulative sales of these nine models from January to September 2019 totaled 129,913 units. During this period, the total sales of the five domestic manufacturers were 935,750 units, resulting in a 13.9% market share for small SUVs in the domestic market from January to September last year.

In comparison, this year the small SUV market expanded to a competitive landscape of 11 models. From January to September this year, the total sales of small SUVs by the five domestic manufacturers reached 166,750 units, a 28.4% increase compared to the same period last year. During this period, the total passenger car market for the five manufacturers was 1,021,822 units, and the market share of small SUVs rose to 16.3%. Meanwhile, medium-sized SUVs by the five domestic manufacturers grew by only 0.6% year-on-year, and medium and compact sedans decreased by -0.4% and -3.4%, respectively.

The XM3, launched in March, sold 22,525 units in just four months until June, setting a record for the highest sales volume among small SUVs in the first four months after launch. Despite no sales in January and February, it ranked second in small SUV market sales in the first half of this year. Its cumulative sales through September this year reached 27,607 units, maintaining its position as the second best-selling small SUV.

Kim Tae-jun, Head of Sales at Renault Samsung Motors, said, “The reason XM3 could become the driving force behind the leap in the domestic small SUV market is thanks to customers who supported the premium design SUV,” adding, “We expect to continue the golden age of small SUVs next year along with exports to Europe.”

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