Domestic Sales Increase by 3% Year-on-Year Driven by New Car Effect
[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Company announced on the 1st that it sold 308,503 units worldwide in March (72,180 units domestically, 236,323 units overseas). Compared to the same period last year, domestic sales increased by 3%, while overseas sales decreased by 26.2%.
In the domestic market last month, 72,180 units were sold, a 3% increase compared to the same period last year. Among the sedan lineup, the Grandeur (including 3,032 hybrid models) led domestic sales with 16,600 units sold. Following were the Sonata (including 720 hybrid models) with 7,253 units and the Avante with 3,886 units, totaling 28,860 sedans sold.
Notably, the Grandeur achieved its highest sales performance in 3 years and 3 months since December 2016 (17,247 units), and the Sonata also saw a 20.2% increase in sales compared to the same period last year, showing strong performance of new models despite the overall consumer sentiment downturn. The new Avante, scheduled for release on the 7th of this month, has also attracted attention by surpassing 10,000 pre-orders in just one day.
Recreational Vehicles (RVs) recorded total sales of 22,526 units, including 6,293 Palisades, 5,788 Santa Fes, and 5,006 Konas (including 697 hybrid models and 1,391 electric vehicle models).
Commercial vehicles recorded 12,071 units for small commercial vehicles, combining Grand Starex and Porter, and 2,700 units for large commercial vehicles, combining medium and large buses and trucks.
Premium brand Genesis led sales with 3,268 GV80 units sold. This was followed by 1,209 G90 units, 1,109 G70 units, and 617 G80 units (including 546 old models). Total Genesis brand sales amounted to 6,203 units.
A Hyundai Motor Company official stated, “Despite production disruptions and demand contraction caused by the novel coronavirus disease (COVID-19), sales increased thanks to the effect of new models,” adding, “We will focus the company’s full capabilities on activities to overcome the crisis and strive to normalize sales.”
Overseas sales last month totaled 236,323 units, a 26.2% decrease compared to the same period last year. Overseas sales declined due to demand contraction caused by COVID-19 and the suspension of operations at some overseas plants.
A Hyundai Motor Company official said, “We will prepare region-specific countermeasures to overcome the crisis and work hard for early normalization,” and added, “We will continue proactive risk management efforts to minimize negative impacts and secure a stable supply chain.”
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