South Korean automakers see export growth amid domestic sales decline

In August, mid-sized South Korean automakers GM Korea, KG Mobility (KGM), and Renault Korea showed divergent performance patterns, with a heavy reliance on exports to offset declining domestic sales.

Renault Korea saw an 18.8% month-on-month increase in domestic sales, totaling 2,024 units, driven by the Grand Koleos and Arkana models. However, its domestic sales were down 34% compared to the same month last year. A significant trend for Renault Korea is the rising popularity of hybrid models, which accounted for 79% of its domestic sales from January to August, up 7 percentage points from the previous year.

GM Korea reported a total of 23,042 units sold, with exports making up the vast majority of its volume. While total sales rose 9.4% year-on-year, domestic sales fell by 39.4%. The Chevrolet Trax Crossover remains its primary export driver, accounting for over 81% of its total exports.

KG Mobility recorded 6,860 total units sold, a 22.6% decrease from the previous year. While domestic consumption weakened, exports accounted for 66.5% of its total sales. KGM is currently working to expand its international presence, including a recent brand launch in Myanmar.