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South Korean Automakers Sold Less than Nine Million Cars Last Year
Less Than Targeted
South Korean Automakers Sold Less than Nine Million Cars Last Year
  • By Jung Min-hee
  • January 3, 2017, 02:30
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South Korean automakers sold a total of 8,890,445 cars around the world last year, down 1.3% from a year earlier.
South Korean automakers sold a total of 8,890,445 cars around the world last year, down 1.3% from a year earlier.

 

It has been found that South Korean automakers sold a total of 8,890,445 cars around the world last year, down 1.3% from a year earlier, with a slump in emerging markets and intense competition in the Chinese market resulting in Hyundai Motor Company’s negative growth in sales and exports and Kia Motors’ decline in exports.

Specifically, Hyundai Motor Company sold 658,642 cars in South Korea and 4,201,407 out of the country, down 7.8% and 1.2% from a year ago, respectively. Its goal for last year was 5.01 million. Kia Motors’ domestic sales volume increased 1.4% to 535,000 whereas its overseas sales volume fell 1.5% to 2,485,217. The company sold more than three million vehicles for the third consecutive year.

GM Korea sold 597,080 around the world last year, down 4.0%, but reached a new high of 180,275 in the South Korean market. The previous high was 158,404, which had been recorded in 2015. GM Korea’s annual export volume, however, fell 10% to 416,805.

Renault Samsung Motors’ global sales volume reached a six-year high of 257,345. Its domestic sales jumped by no less than 38.8% to 111,101 while breaking the 30,000 mark by a margin of 2,617 for the first time in its history in December last year. Its annual exports edged down by 2% to 146,244, the second-highest level since its inception.

Ssangyong Motors broke the 150,000 mark for the first time in 14 years. It sold 155,844 cars in 2016, including 103,554 in South Korea, with its export volume showing a year-on-year growth of 15.9%. The company’s monthly sales increased 10.5% from a year ago to 16,705 in December 2016 to hit a new high.