S.Korean carmakers post brisk sales on strong exports in July

Turnover rose 1.2% year on year to 640,000 units as overseas shipments offset the sluggish domestic market

S.Korean carmakers post brisk sales on strong exports in July
Nan-Sae Bin 1
2023-08-02 10:38:08 binthere@hankyung.com
Automobiles

South Korea's car sector posted strong sales last month as favorable exports offset the sluggish domestic market.

Industry sources on Tuesday said the country's five automakers last month sold a combined 651,828 units at home and abroad, up 1.2% from 644,010 in July last year. Domestic sales excluding special vehicles declined 5.8% to 114,818 but those abroad rose 2.5% to 536,470.

Hyundai Motor Co. last month sold 57,503 units on the domestic market after rolling out new and popular models like the large sedan Grandeur and mid-size Sonata. Internationally, the company sold 277,465, up 1.1% year on year, to raise its presence on the global market.

Kia Corp. sold a combined 260,472 units, up 0.3%. Its domestic sales fell 7.2% to 47,424 due to a weak lineup of new models but exports increased 2.1% to 212,508.

"In the second half of the year, we plan to release popular models like the Santa Fe, Sorento and Carnival," a Hyundai Motor Group source said. "We will continue to steadily expand our market share."

Hyundai Motor and Kia are thus expected to hit their 2023 sales targets. The former last month achieved half of its yearly goal of 4.32 million units and the latter 57% of its planned 3.2 million.

With new models set for launch in the year's second half and the peak sales season coming late in the year, both automakers are likely to meet their annual objectives.

GM Korea sold 40,705 units last month, up 56.2% year on year, with overseas sales surging 67% to 36,562. Exports of the crossover SUV Chevrolet Trax and mid-size SUV Trailblazer posted growth for the 16th consecutive month, with the former model placing first and the latter second in June among domestic passenger car exports.

KG Mobility Corp., formerly Ssangyong Motor, saw sales growth of 1.5% to 10,848 units last month. The global release of its mid-size crossover SUV Torres led to a 46% increase in global sales to 6,805.

Renault Korea Motors, however, saw its sluggish sales continue due to no new models. Its turnover plummeted 71% last month to 4,835 units.

Write to Nan-Sae Bin at binthere@hankyung.com
#Korea #finished cars #sales #export #domestic #Hyundai Motor #Kia #GM Korea #KG Mobility #Renault Korea Motors

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