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3 clusters · 17 sources · 7 days · First seen · Last updated

South Korean automotive industry sales performance

Overview

South Korean automakers reported a 1.6% increase in global sales for October, totaling 683,221 units. This recovery was driven by Kia, which saw a 10.3% rise in global sales and overtook Hyundai as the top seller in the South Korean domestic market. Kia sold 51,110 units domestically, a 27.5% increase from the previous year, supported by demand for RV models like the Sportage and Seltos. GM Korea also experienced significant growth, with total sales increasing 26.6% year-on-year, largely due to a 28.5% surge in exports.

In contrast, Hyundai Motor reported a 6.3% decline in global sales, and KGM saw a 31.3% decrease in total sales, attributed to declining global demand and weakened consumer sentiment.

Recent data indicates a substantial surge in electric vehicle (EV) sales within the South Korean market for Hyundai Motor Group. Combined sales for the IONIQ and EV series reached 12,267 units in October, a 95.9% increase compared to the previous year. Kia led this growth with its EV series rising 110.1%, specifically seeing a 209.4% surge for the EV5 and 119.5% for the EV3. Hyundai’s IONIQ series sales rose 68.8%. Analysts attribute this rebound to manufacturer discount policies and upcoming changes to government subsidy standards. However, Chinese-made passenger EVs continue to expand in South Korea, with registrations reaching 112,417 units between January and September, a 2.2-fold increase from the previous year.

Entities

Kia · Hyundai Motor Group · GM Korea · Renault Korea · Hyundai Motor

Timeline

  1. [BUSINESS] 4 sources
    Hyundai and Kia report significant electric vehicle sales growth in South Korea

    Hyundai and Kia reported a nearly 96% year-on-year increase in South Korean EV sales, driven by strong demand for Kia's EV5 and EV3 models despite rising competition from Chinese manufacturers.

  2. [BUSINESS] 9 sources
    Kia America reports record October sales driven by electric vehicles

    Kia America achieved record October sales, up 16% overall, fueled by a massive surge in electrified vehicle and hybrid demand.

  3. [BUSINESS] 5 sources
    South Korean automakers see 1.6% sales growth in October

    South Korean automakers' global sales rose 1.6% in October, driven by Kia's domestic surge and GM Korea's strong exports, despite declines from Hyundai and KGM.

Sources

autoherald.co.kr · autotimes.co.kr · autotribune.co.kr · biz.heraldcorp.com · bmwblog.com · carpro.com · cnmo.com · dtnext.in · finanzen.at · finanzen.ch · ithome.com · joseilbo.com · socialnews.xyz · soha.vn · tennews.in · tienphong.vn · tuoitre.vn

This summary has been updated 1 time: see revision history