Domestic 5 Complete Car Manufacturers' First Half Performance
First Half Exports Up 2% YoY... Domestic Sales Down 12%
Korea GM Shows Strong Performance with Small SUV Export Growth
Five domestic automakers (Hyundai Motor Company, Kia, Korea GM, KG Mobility, and Renault Korea) compensated for sluggish domestic sales in the first half of this year with overseas markets. They offset the weak domestic market caused by a slowdown in electric vehicle demand through exports of internal combustion engine vehicles abroad.
According to the industry on the 1st, the five domestic automakers sold 3,312,358 vehicles overseas in the first half of this year, a 2.2% increase compared to the same period last year (excluding Kia special vehicles). Meanwhile, domestic market sales during the same period decreased by about 12% to 669,592 units.
The brand that stood out in export performance in the first half of this year was undoubtedly Korea GM. Korea GM exported 255,965 vehicles over the past six months, a 31% increase compared to the same period last year.
Thanks to the increased export performance, Korea GM achieved its highest global sales in a half-year period since 2017, with 269,422 units sold. Export performance up to June recorded an increase compared to the previous year for 27 consecutive months. In particular, Chevrolet's small sport utility vehicle (SUV), the Trax crossover (including derivative models), led overseas sales performance.
In overseas markets, Hyundai Motor Company sold 1,716,179 units in the first half of this year, a 1.9% increase compared to the previous year, while Kia sold 1,276,707 units, a 0.4% decrease. Looking at the results for June alone, the compact SUV Sportage was the best-selling model, with the Seltos and K3 also gaining popularity.
KG Mobility, which increased export volumes to countries such as Hungary and Spain, also saw growth in overseas sales. KGM exported 32,587 units in the first half of this year, a 24% increase compared to the previous year. In March, it launched the electric vehicle Torres EVX in the Turkish and New Zealand markets, and in June, it launched the KGM brand along with the Torres in the Latin American market of Paraguay.
Meanwhile, domestic sales of the five domestic automakers totaled 669,592 units, down about 12% compared to the first half of last year. This was due to reduced demand caused by sustained high interest rates and a slowdown in electric vehicle sales. Hyundai Motor Company and Kia plan to re-enter the domestic market in the second half of this year by launching small electric SUV models that will lead the era of electric vehicle popularization.
A Hyundai Motor Company official said, "We will recover electric vehicle sales momentum by launching the Casper EV in the second half of this year and expanding the lineup of the dedicated electric vehicle brand Ioniq." A Kia official added, "Although domestic sales decreased in the first half, market share slightly increased due to steady RV sales," and "We expect improved sales performance in the global market with the start of EV3 mass production at the Gwangmyeong plant in the second half."
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