Frozen Domestic New Car Market... 6%↓ Compared to Previous Year

Hyundai, Kia, GM, KG Decrease Compared to Previous Year

Last month, the domestic sales volume of Korean automakers decreased compared to the same period last year.

According to the sales performance announced on the 2nd by five automakers including Hyundai Motor Company, last month's domestic sales totaled 123,616 units. This represents a 6% decrease compared to November of last year (132,021 units). By company, Hyundai sold 63,170 units, down 12% from the same period last year. Kia sold 48,015 units, a 4% decrease over the same period.

Korea GM's domestic sales last month were 1,821 units, a 40% decrease compared to the same period, marking the largest decline among automakers. Except for domestically produced small sport utility vehicles (SUVs) such as the Trax Crossover and Trailblazer, all other imported models remained in double-digit sales. Considering the weakened effect of new model launches for domestic models like the Trax, it is expected to be difficult to find opportunities for sales rebound in the future.

Hyundai Motor Store. Provided by Yonhap News

KG Mobility sold 3,309 units last month, a 34% decrease compared to the same period. The company explained that production volume decreased due to disruptions in material procurement and production line operations caused by heavy snowfall. On the other hand, Renault Korea sold 7,301 units last month, a 289% increase compared to the previous year. Renault Korea was the only company to show an increase compared to the previous year. One model, the Grand Koleos, alone sold 6,582 units.

The decline is attributed to subdued demand for new cars due to interest rate burdens and production disruptions caused by supplier strikes at some companies. Typically, the end of the year is considered a period of high demand for new cars, but with consumer sentiment showing little sign of recovery, industry insiders agree that conditions remain challenging even into this month.

Meanwhile, total sales performance including overseas sales showed a slight increase last month. The combined domestic and international sales volume of the five automakers was 691,810 units, a 1% increase compared to the same period last year (688,346 units).

Except for Hyundai, which saw a 4% decrease with 355,729 units sold, all other companies increased compared to the previous year. Kia increased by 1% to 262,426 units, Korea GM increased by 5% to 49,626 units, KG Mobility increased by 26% to 8,849 units, and Renault Korea increased by 236% to 15,180 units.

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