Domestic sales of 1.39 million units last year... 3% decrease from the previous year
Exports increased by 5.6% to exceed 6 million units
Model rankings: Porter, Sorento, Grandeur
[Asia Economy Reporters Choi Dae-yeol, Oh Gyu-min] Domestic sales decreased, exports increased. This is the performance record of five Korean domestic car manufacturers last year. Despite ongoing production disruptions caused by semiconductor supply shortages throughout the year, overall results slightly improved compared to the previous year as sales increased mainly overseas.
According to the sales performance data announced on the 3rd by five domestic car manufacturers (Hyundai Motor, Kia, GM Korea, Renault Korea, SsangYong Motor), the total domestic sales last year were 1,388,476 units. Compared to 1,433,605 units sold in 2021, this represents a decrease of about 3.1%. Although domestic sales shrank, overseas sales performed well. Last year, the five companies exported 6,008,198 units, a 5.6% increase from the previous year (5,687,789 units).
The strong sales of Korean cars in overseas markets are attributed to the release of various new models by each company and a focus on overseas sales rather than domestic sales due to factors such as exchange rates. With the Korean won depreciating, companies judged that selling the same cars overseas to earn foreign currencies like dollars would yield higher profits than domestic sales.
By company, Kia and SsangYong Motor saw an increase in domestic sales last year, while the other three companies experienced declines. In terms of exports, all five companies saw increases. GM Korea, Renault Korea, and SsangYong Motor's export volumes surged by double digits within a year. All three benefited from strong sales of sports utility vehicles (SUVs) overseas.
The combined domestic and overseas sales volume of the five Korean domestic car companies last year was 7,396,674 units, about 3.9% higher than the previous year (7,121,394 units). Considering the ongoing poor supply of automotive semiconductors due to COVID-19, the Russian invasion in March, and sporadic adverse events such as factory operation disruptions caused by the resurgence of COVID-19 in the second half of the year, this performance can be considered solid.
By company, Hyundai Motor's domestic and overseas sales last year were 3,944,579 units, up 1.4% from the previous year. Kia sold 2,903,619 units, an increase of 4.6% during the same period. The growth rate was higher for the three mid-sized companies: GM Korea, Renault Korea, and SsangYong Motor. GM Korea sold 264,875 units, up 11.7% from 2021; Renault Korea sold 169,641 units, a 27.8% increase; and SsangYong Motor, acquired by KG Group last year, sold 113,960 units, a 34.9% increase during the same period.
The best-selling model domestically last year was Hyundai Motor's 1-ton truck Porter. With 92,411 units sold, it ranked first as the best-selling car for two consecutive years. Among passenger cars, the best-selling model was Kia's sports utility vehicle (SUV) Sorento, with 68,902 units sold. It ranked second overall after the Porter. Although sales slightly decreased compared to 2021 (69,934 units, ranked 5th at that time), it benefited from a general decline in sales of other vehicles.
Hyundai Motor's mid-size sedan Grandeur, which had held the best-selling car position for several years, ranked third with 67,030 units sold. Its sales decreased by 24.7% compared to the previous year, the largest decline. A new model was released at the end of last year, aiming to reclaim the top spot this year. Other models in the top 10 included Kia Bongo (64,826 units), Carnival (59,085 units), Sportage (55,394 units), Hyundai Avante (58,743 units), Palisade (49,737 units), Sonata (48,308 units), and Casper (48,002 units). For the second consecutive year following 2021, no model sold more than 100,000 units.
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