Five Completed Vehicle Manufacturers 649,000 Units... 3.7% Decrease YoY
Last month, the domestic and overseas sales volume of five Korean automakers slightly decreased compared to the same period a year ago.
According to the combined September sales figures announced by each company on the 2nd, a total of 648,895 units were recorded. Last September, the sales volume was 673,844 units, marking a decrease of about 3.7%. Hyundai Motor sold 343,824 units, down 3.7%, and Kia sold 249,842 units, down 4.5%.
KG Mobility's sales dropped by more than 20% to 7,637 units, while Renault Korea's sales decreased by 5.3% to 8,625 units. Korean GM sold 38,967 units, showing an increase compared to the previous year, making it the only automaker among the five to record growth.
Export vehicles waiting at Gapo New Port, Masanhappo-gu, Changwon-si, Gyeongnam [Photo by Yonhap News]
The overall sales slowdown last month is attributed to fewer working days compared to a year ago and production disruptions at some companies, which affected total sales. The decline was particularly noticeable in overseas sales. However, despite the decrease in sales volume, export revenue increased compared to the previous year, reaching an all-time high, suggesting that relatively expensive models such as hybrids were sold in larger quantities.
While the domestic new car sales market has been sluggish this year, domestic sales held up relatively well last month. Hyundai Motor's domestic sales increased by 3.5%, and both KG Mobility and Renault Korea also showed an upward trend in domestic sales. The addition of new models such as the Actyon and Grand Koleos contributed to the expansion of sales for each company.
Although the fourth quarter is generally considered a period with high sales volume as the year-end approaches, the industry does not view the outlook as optimistic. In the United States, a major export market for Korean automakers, signs of weakening new car demand have become evident amid the presidential election and other factors. The ongoing geopolitical risks originating from the Middle East also remain a burden.
A Hyundai Motor official stated, "Uncertain business conditions continue due to demand slowdown caused by high interest rates and increased incentives due to intensified competition. We plan to strengthen production and sales systems suitable for local demand and policies and respond flexibly to market changes by region."
A Kia official said, "Last month, sales performance declined due to reduced operating days caused by the Chuseok holiday and production cuts from parts suppliers' strikes. We plan to recover sales in the fourth quarter and continue expanding sales with new models in the first half of next year."
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