[Asia Economy Reporter Su-yeon Woo] Hyundai Kia Motors' overseas sales in October recovered to the 500,000-unit level for the second consecutive month, marking the highest monthly figure since the outbreak of the novel coronavirus disease (COVID-19). Demand in major markets such as the United States and India revived, leading overall overseas performance, and Kia Motors set a new monthly sales record for the first time in 3 years and 10 months.
According to the industry on the 4th, Hyundai Kia Motors sold 537,983 units in overseas markets last October, recording the highest monthly sales this year. Hyundai Motor recorded 320,278 units, down 5%, while Kia Motors recorded 217,705 units, up 7%. It is the first time since December 2016 (265,338 units) that Kia Motors' monthly overseas sales exceeded 210,000 units.
Until last year, Hyundai Kia Motors maintained overseas sales at around 500,000 units per month, but with the global impact of COVID-19 at the beginning of this year, sales dropped to around 180,000 units in April. Since then, sales have gradually rebounded, recovering to 500,000 units in September and rising to 530,000 units, the usual level, in October.
Kia Motors Records Double-Digit Growth for Two Consecutive Months in the U.S. Market... Effect of Telluride
The recovery was led by the U.S. and Indian markets. In October, Kia Motors sold 56,094 units in the U.S. market, up 12.2% year-on-year, marking double-digit growth for two consecutive months. The locally strategic sport utility vehicle (SUV), Telluride, set a record approaching 10,000 units, breaking its all-time monthly sales record for two consecutive months.
This reflects the overall recovery in demand in the U.S. automotive industry last month, with Hyundai Kia Motors' popular SUVs performing well. Competitors such as Toyota (8.8%), Subaru (10.6%), and Mazda (16.5%) also showed strong sales last month.
The remarkable growth of Kia Motors was driven by the U.S. strategic SUV, Telluride. Last month, Telluride sold 9,697 units, nearly 10,000, setting a new monthly sales record for two consecutive months. The new K5, which was renamed from the previous model name 'Optima' and launched, has been setting new sales records for four consecutive months since July, with 7,528 units sold.
During the same period, Hyundai Motor also sold 57,395 units, up 0.5% year-on-year, recovering to pre-COVID-19 pandemic sales levels. SUV models such as Tucson (10,898 units) and Santa Fe (9,072 units) accounted for 62% of total sales, leading the performance improvement.
Hyundai Kia Motors plans to continue the recent upward momentum through continuous new model launches. Hyundai Motor disclosed prices and specifications at the end of last month ahead of the local launch of the new Avante in the U.S., and plans to launch the new Tucson in the first half of next year. Kia Motors is preparing to launch the new Sorento in November.
Hyundai Motor Achieves Record High Domestic Sales in India in October for the First Time in 22 Years
In the Indian market, Hyundai Motor is standing out by maintaining the second-largest market share. In October, Hyundai Motor sold 56,605 units in the Indian domestic market, setting a new monthly record. This figure is 13.2% higher than the same period last year and is the highest level in 22 years since Hyundai Motor entered the Indian market in 1998.
The recovery of Hyundai Motor's sales in India was largely influenced by the strong performance of strategic models such as the 'All New Creta,' unveiled earlier this year, as well as the i10 and i20. The Creta surpassed 500,000 cumulative domestic sales in early August since its launch and ranks first in sales in the Indian compact SUV market.
The Indian automotive market was severely impacted by the nationwide lockdown due to COVID-19, recording zero sales in April. However, since the lifting of the lockdown in May, the market has shown a rapid recovery.
Hyundai Motor India's exports in October recorded 12,230 units, down about 10% year-on-year, but the rapid recovery in the Indian domestic market is driving a rebound in performance.
Kia Motors, which entered the Indian market as a latecomer in August last year, also set a new record by surpassing 20,000 units in monthly sales last month. In October alone, Kia Motors sold 21,021 units in the Indian market. Kia Motors' performance was also led by locally strategic SUV models such as Seltos and Sonet, each recording sales around 10,000 units.
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