August Monthly Performance Announcement of 5 Domestic Car Manufacturers on the 2nd
The global sales volume in August this year of five domestic automakers (Hyundai Motor, Kia, KG Mobility, Korea GM, and Renault Korea) decreased by 6% compared to the previous year. Since the five domestic automakers are consecutively preparing for new car launches and deliveries in the second half of the year, they expect sales to rebound in the latter half.
On the 2nd, the five domestic automakers announced that they sold 617,783 units (excluding Kia special vehicles) in the global market in August, down 6.6% from the same period last year. This is the lowest figure in six months since February (604,524 units).
In the domestic market, they sold 105,504 units, down 0.9% from the previous year, and in overseas markets, sales decreased by 7.7% to 512,279 units.
The particularly large decline in overseas market sales is due to unfavorable market factors such as demand slowdown caused by high interest rates and increased incentives due to intensified competition. Additionally, the strike at the Korea GM plant, which plays a leading role in South Korea's automobile exports, had a significant impact. Due to production losses caused by the strike during wage and collective bargaining negotiations, Korea GM's global sales in August were halved to 15,634 units, about half of the previous year's level.
Furthermore, Hyundai Motor also sold 274,876 units overseas in August, down 7.2% from the same month last year, and Kia's overseas sales in August decreased by 1.4% to 210,483 units.
Meanwhile, the domestic sales of the five companies in August also slightly decreased by about 0.9% compared to the previous year. Hyundai Motor performed well with domestic sales increasing by about 4.6% to 58,087 units, but the other four brands experienced significant declines.
Kia sold 40,510 units, down about 4%, and Renault Korea, which launched the new sports utility vehicle (SUV) Grand Koleos, sold 1,350 units, down 10% from the previous year. Since the full-scale delivery period is set for September, sales in August remained sluggish.
Hyundai Motor was the only company to increase domestic sales in August with the introduction of the new electric vehicle Casper and aggressive electric vehicle promotions. In particular, Hyundai Motor's electrified model sales (Casper, Kona, Ioniq 5, Ioniq 6, Nexo) in August reached 3,676 units, marking the highest monthly sales of the year. The Casper electric vehicle was delivered 1,439 units.
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