Local Car Market
Only full-size cars recorded a significant increase in sales in the domestic market last month, while the overall sell-through was rather sluggish due to summer vacation and the strike.
The sales of small cars decreased over 30 percent in the same month. In contrast, the full-size car sales volume increased 33.1 percent from a year earlier to total 3,219 units, excluding commercial vehicles, to show the highest sales growth rate. The sell-through of those larger than mid-size and smaller than full-size was 9,073, 4.9 percent up from last year.
The rapid surge can be attributed to Hyundai Motor’s new Genesis, which made its debut in December 2013. A total of 2,116 units were sold in August this year to post 164 percent growth, compared to the previous model’s sales volume for August 2013.
The 4.9 percent growth in the sub-full size segment was led by Hyundai’s Grandeur (6,784 units) and GM Korea’s Alpheon (340 units). At the same time, Kia Motors’ Carnival led the growth of the minivan market, so the monthly total sales volume of the entire segment reached 7,585 vehicles with a year-on-year sales growth rate of 26.8 percent.
In the meantime, the sales volumes of small, mid-size, and compact cars fell by 30.5 percent, 16.8 percent, and 9.9 percent, respectively. “It is somewhat strange that smaller cars are sold less, unlike larger cars are, amid the domestic economic recession,” said an industry insider, adding, “It seems that polarization in consumption is accelerating in the automobile market.”