Renault Korea, XM3 European exports surge 263% in Q1... "Product competitiveness verified"

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[Asia Economy Reporter Yoo Hyun-seok] Renault Korea Motors' XM3 (export name Renault New Arkana) is playing a key role as an export pillar by continuously growing despite the global shortage of automotive semiconductors. During the first quarter, 18,583 units were shipped to the European market, a 263% increase compared to the same period last year.

According to Renault Korea on the 20th, XM3's first-quarter export performance totaled 19,843 units, including 18,583 units to Europe, 244 units to South America, and 1,016 units to Asian countries such as Australia. The cumulative export volume has steadily increased from 909 units in 2020, 56,719 units in 2021, to 19,843 units in 2022, reaching a total of 77,471 units. Among the total cumulative exports to date, Europe accounts for 74,507 units, representing 96% of all export countries. Within Europe, sales are highest in France, Spain, Germany, and Italy, in that order.

A company official explained, "The reason XM3 is performing well in the European market is largely due to the XM3 Hybrid (HEV)," adding, "Looking at the overall trend of eco-friendly vehicle sales in Europe, XM3 ranked sixth in the European HEV market in March, following February."

During the first quarter of this year, the XM3 HEV model sold a total of 11,179 units in the European market. This is the highest sales volume among Renault brand HEV models. Additionally, it ranked eighth in the European electrified model compact segment. Considering only the compact segment, it ranked fifth, and among compact sport utility vehicles (SUVs), it ranked fourth. In France, the largest export destination, 2,148 units of the XM3 HEV model were sold in March alone, ranking first among all HEVs. As of the first quarter, it ranked second overall with 5,172 units, following the Clio HEV.

Customer demand in Europe from January to March also confirms XM3's popularity. Approximately 27,000 units were ordered in Europe alone by March, exceeding the sales target.

The popularity of the XM3 HEV model in Europe has also contributed to the strong performance of domestic eco-friendly vehicle exports. According to the Korea Automobile Manufacturers Association, HEV exports in March reached 20,263 units, a 15.8% increase compared to the same month last year, marking 15 consecutive months of growth. In the first quarter, HEV accounted for 59,997 units of eco-friendly vehicle exports. Among these, XM3 accounted for 11,160 units, representing 19% of total HEV export models.

The reason XM3 HEV model has been able to perform well in the European market is due to its solid product quality. In a recent comprehensive evaluation of HEV models conducted by Sweden's leading automotive magazine Teknikens V?rld in 2021, the XM scored a total of 69 points. It outperformed models such as the Toyota Camry (64 points), Volkswagen Golf 1.0 (65 points), Audi Q5 Sportback TFSI (68 points), and Volvo V60 B4 (68 points). The XM3 HEV model is scheduled for domestic release in the second half of this year.

Kim Tae-jun, Head of Sales and Marketing at Renault Korea Motors, said, "Success in overseas markets starts with securing product competitiveness," adding, "Despite the adverse conditions caused by semiconductor shortages, we will make company-wide efforts to maintain the quality of XM3 through strict manufacturing quality inspection processes to ensure the product competitiveness of XM3."

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