Domestic Complete Vehicle Manufacturers' Performance in October
The global sales volume of five domestic automakers (Hyundai Motor Company, Kia, KG Mobility, Renault Korea, and GM Korea) in October this year recovered to the 700,000-unit level for the first time in seven months. Domestic sales of all five companies, including Kia and Renault Korea, increased, and overseas sales expanded mainly among the three mid-sized companies.
On the 1st, the five domestic automakers announced that they sold 707,069 units (excluding Kia special vehicles) in the global market in October. This figure represents a 3.1% increase compared to the same month last year. The combined domestic sales volume of the five companies recorded 123,810 units, up 8.1% year-on-year, while overseas sales increased by 2.1% to 583,259 units.
In the domestic market, notable growth was seen in Kia (7.1%), Renault Korea (340.7%), and KG Mobility (18.4%). In particular, Renault Korea, which had experienced a prolonged slump in the domestic market, showed a significant sales increase starting last month as the full-scale delivery of its main new model, the Grand Koleos, began.
Renault Korea sold 6,395 units in the domestic market in October, a 340% increase. The strong domestic performance was driven by hybrid models. Among the 5,835 units sold of the mid-size sport utility vehicle (SUV) Grand Koleos, 5,296 were hybrid models. The share of hybrid vehicles in Renault Korea’s total domestic sales also exceeded 85%.
KG Mobility also saw its domestic sales increase by more than 18% year-on-year, supported by sales of the new Actyon. Domestic sales in October were 4,504 units, with the Actyon recording the highest sales at 1,482 units. This accounted for 32% of total sales.
A field worker is transferring export vehicles from a car carrier at Gapo New Port in Changwon-si, Gyeongnam. [Photo by Yonhap News]
In overseas markets, most companies saw sales increase compared to the previous year, but Hyundai Motor Company was the only one to experience a decline. In October, Hyundai sold 306,509 units overseas, down 2.1% year-on-year. Hyundai stated, "We expect an unfavorable business environment to continue due to factors such as slowing growth rates in key markets, exchange rate and interest rate fluctuations, and expanding geopolitical risks."
They added, "While maintaining a steady sales volume of hybrid vehicles, which are experiencing rapidly increasing global demand, we plan to continue the momentum of sales expansion by consecutively launching next-generation models."
The three mid-sized companies (KG Mobility, Renault Korea, and GM Korea) showed clear export growth. Renault Korea’s exports increased by 41% year-on-year to 6,061 units, and KG Mobility’s exports rose by 81% to 4,741 units.
In terms of export volume, GM Korea was clearly dominant among the three mid-sized companies. GM Korea exported 48,047 units to overseas markets in October. Notably, its main model, the Chevrolet Trax crossover (including derivative models), accounted for more than half of the export volume, with sales increasing 19% year-on-year to 29,843 units.
Gustavo Colosi, Vice President of Sales, Service, and Marketing at GM Korea, said, "GM’s core products, including the Chevrolet Trax crossover and Trailblazer, are gaining significant recognition for their competitiveness in both domestic and global markets." He added, "In November, we have prepared unprecedented promotions across the Chevrolet lineup."
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