Last month, five domestic automakers sold 106,386 units in the domestic market, a 6.2% decrease compared to the same period last year. The dip in electric vehicle sales, combined with the lack of new model releases, resulted in decreased sales across Hyundai (excluding Kia), Korea GM, Renault Korea, and KG Mobility. Hyundai’s struggles in the electric car sector became particularly pronounced.
Hyundai’s domestic sales amounted to 53,911 units, a 5% decline compared to the previous year. In contrast, Kia saw a domestic sales volume of 44,123 units, marking a 5% increase. Combined, the Hyundai Motor Group captured 92% market share in the domestic scene.
Hyundai’s electric vehicle woes were glaring. Only 2,876 electric vehicles were sold, representing a steep 64% decline compared to the same period last year. The effects of new model releases for main electric vehicles such as the Ioniq 5 and Ioniq 6 seem to have faded, exacerbated by a general slowdown in the overall electric car market. The Ioniq 6, which sold 2,652 units in September the previous year, plummeted to just 344 units last month. Hyundai’s best-selling electric model was the 1-ton truck Porter EV, with 1,340 units sold.
On the other hand, Kia’s domestic sales of 44,123 units were boosted by the Sorento, selling 11,900 units and ranking first in overall passenger car sales. This underscores the growing trend for SUVs.
Korea GM experienced a 20% drop in domestic sales, amounting to 2,632 units. The newly released Trax crossover in March accounted for more than half of the total sales, just managing to pull through. KG Mobility also reflected a slowdown with 4,069 units sold domestically last month, showing the effects of the conclusion of its flagship SUV Torres’ new car boost. This was a 47% decrease compared to the previous year. Renault Korea, with its domestic sales at 1,651 units last September, continued to face a slump, showing a whopping 67.3% decrease due to the absence of any new models.
However, on a brighter note, the combined overseas sales of these five companies increased by 3.4% compared to the previous year, totaling 566,688 units. As a result, the overall sales, which combine both domestic and export figures, rose by 1.8% to 673,074 units compared to the previous year.