Combined Sales
In May, domestic new car sales reached 130,300 units, up 8.8 percent from May 2022. This is a continuation of an upward trend in sales that began late last year.
Five Korea-based auto companies -- Hyundai Motor, Kia Corp., GM Korea, KG Mobility, and Renault Korea Motors -- announced their May sales results. Hyundai Motor sold 68,680 units in May while Kia sold 52,725 units.
Compared to May 2022, Hyundai’s new vehicle sales grew by 8.4 percent and Kia by 10.3 percent. With the two automakers’ sales combined, Hyundai Motor Group sold 118,955 units in total. The automotive group accounted for 91.3 percent of the total sales by the five carmakers. Its share sat at 91 percent in May 2022 and edged up as other companies’ domestic sales continued to slump.
Among the remaining three, GM Korea fared relatively well. It sold 4,758 units in May, of which 3,396 (71 percent) were the Chevrolet Trax Crossover, an SUV introduced in late March. KG Mobility sold 4,809 units in May, led by the Torres and the Rexton Sport. Torres has sold more than 22,000 units in the first five months of this year alone. Renault Korea Motors sold 1,778 units in the domestic market.
However, GM Korea and Renault Korea Motors used exports to make up for decreased sales in Korea. GM Korea exported 35,261 units in May while Renault Korea Motors 13,776 units. In terms of export volume, Renault Korea Motors’ exports climbed by 175 percent and those of GM Korea by 172 percent compared to May 2022.