The South Korean automotive industry has experienced a year of contrasts in 2023. In the first 11 months, the sector achieved its highest ever performance, but the fortunes of individual companies have varied significantly. Hyundai, Kia, and GM Korea continued to grow, leveraging their leading models in domestic and international markets. However, KG Mobility and Renault Korea struggled with domestic sales, leading to disappointing results.
According to the Korea Automobile Mobility Industry Association on Dec. 26, the cumulative domestic sales and exports of the five major South Korean car companies (Hyundai, Kia, GM Korea, KG Mobility, and Renault Korea) from January to November reached a total of 3,854,325 units. This marks a 15.5% increase over the same period last year. Domestic sales accounted for 1,337,397 units, while exports reached 2,516,928 units, registering increases of 6.4% and 21.0%, respectively. These figures represent the highest achievements since the association began compiling statistics in 1982. The previous record was 3,686,061 units, set in 2022.
Hyundai led the pack, selling 1,746,255 units domestically and internationally during the period, while Kia followed closely with 1,483,108 units sold. Notably, all of the top ten best-selling passenger cars in South Korea were produced by Hyundai and Kia.
GM Korea showed remarkable growth, with sales soaring by 71.6% to 417,853 units compared to the same period last year. Its exports, in particular, grew by 83.2% to 381,312 units. GM Korea’s small SUV, the Trailblazer, was the top export model with 194,838 units. The Trax crossover also performed well, exporting 157,150 units, ranking fourth in exports.
In contrast, KG Mobility’s domestic sales dropped by 5.2% to 59,838 units, showing negative growth. Despite introducing its first electric model, the Torres EVX, last month, the company failed to capitalize on the declining electric vehicle demand. Renault Korea faced challenges with its key models, the XM3 and QM6, resulting in a 58.6% and 30.4% decrease in domestic and export sales, respectively.