South Korea’s automakers post 19.8% domestic sales decline in September

  • South Korea’s five automakers reported lower domestic sales in September.
  • 99,843 vehicles were sold domestically, down 19.8% year on year.
  • Kia, GM Korea and KGM recorded higher overseas sales than a year earlier.

South Korea’s five automakers recorded combined domestic sales of 99,843 vehicles in September, down 19.8% from 124,515 a year earlier, according to industry data released on the 1st. All five companies reported year-on-year declines in the domestic market. Hyundai Motor sold 49,022 vehicles at home, down 25.7%, while Kia’s domestic sales fell 6.7% to 45,705 units. KGM sold 2,100 vehicles domestically, down 48.8%; Renault Korea sold 2,289, down 45.3%; and GM Korea sold 727, down 40.9%. Overseas performance diverged. Kia’s global sales rose 5.1% to 281,984 vehicles, including 235,457 overseas units and 822 special-purpose vehicles, as the company cited demand for electrified vehicles (cars using hybrid or electric powertrains). GM Korea’s sales rose 73.3% to 41,101 units, including 40,374 overseas sales, marking its seventh monthly result above 40,000 units this year. KGM’s overseas sales rose 3.5% to 6,763 units, partially offsetting domestic weakness, although total global sales fell 16.7% to 8,863 units. Hyundai Motor’s overseas sales declined 13.9% to 258,976 units, bringing global sales to 307,998. The company cited fewer business days during the Chuseok holiday and customers waiting for new models. Renault Korea exported 4,267 vehicles, down 5.8% from a year earlier. Kia said it would focus on hybrids in the U.S. and electric vehicles in Europe during the fourth quarter, while Hyundai said it would continue introducing new models such as the all-new Tucson.

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