Production Rebound of 'Le·Ssang·Shwe' Signals Accelerated Performance Improvement Next Year

Strengthening Sales of Three Mid-sized Companies Next Year
한국GM Preparing New CUV
Renault Korea Boosting XM3 Production
Ssangyong Motors Launching Torres Electric Vehicle Version

[Asia Economy Reporter Yoo Hyun-seok] Korean GM, Renault Korea Motors, and SsangYong Motor, which have successfully rebounded in production volume this year, are accelerating performance improvements through new car launches next year.

On the 22nd, the Korea Automobile Manufacturers Association (KAMA) reported that the combined production volume of Korean GM, Renault Korea, and SsangYong Motor from January to November this year was 507,576 units, a 27.11% increase compared to 399,318 units in the same period last year.

Specifically, Korean GM sold 239,556 units by November this year, up 12.5% from the same period last year. Renault Korea produced 162,046 units, up 43.0%, and SsangYong Motor produced 105,974 units, up 45.1%. Production had been sluggish since 2020 due to semiconductor supply difficulties, but production volume increased this year as supply constraints eased.

Looking at each company, Korean GM’s production volume exceeded 780,000 units in the 2010s. However, production declined every year, shrinking to 220,000 units last year. SsangYong Motor is seeing a rebound for the first time in six years since 2016 (155,600 units). Renault Korea has increased production volume for two consecutive years. The production volume up to November this year has already recovered to the 2019 level (164,974 units).

The three mid-sized automakers are expected to further accelerate production volume growth next year with new car launches. First, Korean GM is preparing to launch a new crossover utility vehicle (CUV). Currently, it is in pilot production. The new CUV, code-named ‘9BQC,’ was produced 71 units in October and 155 units in November. Korean GM invested 900 billion KRW to expand facilities at the Changwon plant for the production of the new CUV. Once CUV production is in full swing, it is expected to boost Korean GM’s performance alongside the SUV Trailblazer as a dual powerhouse. Korean GM has set a goal to produce 500,000 units annually, with 250,000 units each of the new CUV and the Trailblazer.

Renault Korea is expected to strengthen production of the SUV XM3. The XM3 is a key model, accounting for 69.64% of total production this year with 112,860 units produced from January to November. After launching the XM3 E-Tech Hybrid model with a combined fuel efficiency of 17.4 km/l in October, sales are expected to increase further.

SsangYong Motor, acquired by KG Group in August, is expected to continue the success of the SUV Torres. Since its launch in July, Torres has become a key model for SsangYong, with 20,097 units produced domestically and for export through last month. An electric vehicle version of Torres, the U100, is scheduled for release in the second half of next year. A facelifted model of the Rexton Sports will also be unveiled. Meanwhile, SsangYong Motor plans to change its company name to ‘KG Mobility’ at the shareholders’ meeting in March next year.

The outlook for next year is not entirely bright. Recently, due to high interest rates and other factors, more consumers are giving up on purchasing vehicles. An industry insider said, "All three mid-sized automakers are expected to see increased sales this year," but added, "The economic downturn next year may affect consumers’ vehicle purchases, so the situation next year needs to be carefully observed."

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