In July, the domestic auto industry showed an upturn in production, domestic sales, and exports alike from a year ago. All five carmakers recorded increased domestic sales with new models in the vacation season.
The Ministry of Trade, Industry and Energy announced on August 7 that the production, domestic sales and export volumes increased by 22.4 percent, 4.0 percent and 16.0 percent from the previous year to 409,283, 146,226 and 266,741, respectively. The figures are tentative.
Hyundai Motor Company manufactured 165,473 units (8.3 percent up) of cars in July and Kia Motors’ monthly production volume totaled 168,574 units (36.1 percent up). The LF Sonata, the New Genesis and the New Carnival enjoyed much popularity.
GM Korea produced 51,400 cars during the period to record a growth rate of 47.5 percent compared to July 2013, when the company had a partial strike. Renault Samsung Motors’ output went up by 8.9 percent, and Ssangyong Motors’ fell 1.7 percent to 11,406 units, due to a sluggish export performance.
In the meantime, a series of new models such as the LF Sonata, New Carnival, Grandeur Diesel and SM5 Diesel were released in spite of the recent economic slump to raise the domestic sales by 4.0 percent.
Hyundai Motor Company sold 59,640 cars (0.6 percent up) and Kia Motors sold 42,305 vehicles (1.9 percent up). GM Korea’s sell-through was 13,307, led mainly by Orlando and Trax. Spark and Cruz lost steam, so the sales volume remained stationary. Ssangyong Motors posted 4.5 percent growth to 6,027 thanks to the Korando series, while the SM5 Diesel raised the sales volume of Renault Samsung Motors by 18.5 percent to 6,040.
The sales of imported cars amounted to 18,112 units last month to set a new monthly record and grow 21.1 percent year on year. The exports increased 16.0 percent to 266,741 units owing to the Korea-EU FTA and more days of operation.
Hyundai Motor Company’s exports increased by 1.9 percent, while Kia Motors’ soared 33.1 percent because of the high popularity of the main models such as the Pride, K3, K5 and Sorento R. Mini cars like the Spark and Matiz raised the exports of GM Korea 12.5 percent along with SUVs such as the Trax. Ssangyong Motor, meanwhile, had to witness its exports drop by 13.2 percent due to the Ukraine crisis that has affected the Russian market. The QM5 boosted Renault Samsung Motors’ exports by 26.7 percent.