Resolving the Car Semiconductor Shortage... Double-Digit Increase in Completed Vehicle Sales Last Month (Comprehensive)

Five Completed Vehicle Manufacturers, Domestic and Overseas Sales Reach 655,000
Up 14% Year-on-Year
Focus on Exports Over Domestic Sales Due to Exchange Rates

Hyundai Motor Company Ulsan Plant Export Shipping Wharf Adjacent Yard

[Asia Economy Reporter Choi Dae-yeol] Last month, the domestic and overseas sales volume of the domestic completed car industry showed strong performance, increasing by double digits compared to the same period last year. This is attributed to the gradual easing of the supply shortage of vehicle semiconductor parts, which had caused production disruptions.

According to the sales results announced by five domestic completed car companies on the 1st, the total domestic and overseas sales volume was recorded at 655,419 units. This is about a 14% increase compared to November last year.

By company, Hyundai Motor recorded 351,179 units, an increase of about 11% during the same period, and Kia sold 252,825 units, up 15%. Hyundai Motor achieved the second highest sales this year following September. Due to the untimely supply of parts caused by COVID-19, there were times since last year when monthly sales did not reach 300,000 units, but it surpassed 350,000 units.

Kia also recorded its third highest sales performance this year. Sales had dropped to the mid-100,000 units range immediately after the COVID-19 outbreak, but a clear recovery trend has emerged in the second half of this year.

Hyundai's compact SUV Casper. Last month, 5,573 units were sold, marking the highest monthly sales since its launch in September last year.

Korea GM sold 22,860 units domestically and internationally, an increase of more than 86% compared to the same period. This marked the fifth consecutive month of growth. Export performance increased for eight consecutive months. Chevrolet’s compact SUV Trailblazer ranked first in exports among domestic passenger cars last month, showing strong overseas sales momentum. In the U.S., it is also exported as the Buick Encore GX, which uses the same platform.

Renault Korea Motors was the only one among the five completed car companies to see a decrease in sales compared to the previous month. It sold 17,333 units, down 3% from November last year. SsangYong Motor sold 11,222 units domestically and internationally, a 28% increase during the same period.

While domestic sales performance varied by company, exports increased across the board. This is attributed not only to the effect of recently launched new cars but also to the depreciation of the Korean won, which made overseas sales more profitable than domestic sales. Hyundai Motor’s domestic sales decreased by about 2%, while overseas sales increased by 14%.

Renault Korea XM3 being loaded for export

Kia’s sales increased both domestically and internationally, but the growth rate overseas was higher. Korea GM’s domestic sales dropped by more than 20%, while exports more than doubled. Renault Korea’s overall performance declined, but exports slightly increased.

SsangYong Motor’s domestic sales growth was about 2%, whereas exports surged by 92%. SsangYong introduced the mid-size SUV Torres, which received a positive response domestically, to overseas markets last month.

A Hyundai Motor official said, "The shortage of semiconductor parts supply is gradually recovering," adding, "We will increase market share and strengthen profitability through new cars and optimized production and sales strategies."

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