Korea - Automotive Sales volume, 2024
Copyright (C) MarkLines Co., Ltd. All rights reserved.
Flash report, Automotive sales volume, 2024
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
Flash report, March 2024
Apr 1, 2024
*There are cases where recently released data and detailed information in the database do not match up for reasons including different information sources, and discrepancies between preliminary reports and confirmed data.
New vehicle sales by 5 major OEMs in South Korea decrease 14.6% in March
Five Korean automakers announced domestic new vehicle sales in March. New vehicle sales in South Korea decreased by 14.6% compared to the same month in the previous year to 120,289 units due to sluggish demand in its home market.
By company, Hyundai Motor was the leader with sales of 62,504 units (52.0% market share), a decrease of 16.1% year-over-year (y/y), followed by Kia Motors with a 7.6% decrease to 49,006 units (40.7% share). KG Mobility (KGM) came in third place with a 47.2% decrease to 4,702 units (3.9% share). Renault Korea Motors sales decreased by 22.6% to 2,039 units (1.7% share) and fifth GM Korea experienced an increase in sales of 20.0% to 2,038 units (1.7% share).
Overseas sales, including exports, decreased 0.7% at Hyundai, 1.2% at Kia, 60.8% at Renault Korea. KG Mobility and GM Korea overseas sales increased 25.7% and 26.3% respectively.
GM Korea experienced growth, with its Trax Crossover compact SUV model thanks to strong demand from both home and abroad.
Global sales for the five automakers in March were mixed as well, with Hyundai's global sales decreased 3.7% y/y to 369,132 units, Kia's sales decreased 2.4% to 271,711 units, KGM’s sales decreased by 21.8% to10,702 units and Renault Korea’s sales decreased 54.3% to 7,133 units. GM Korea’s jumped 26.0 % to 51,388 units. The overall global sales total of the five companies were 710,066 units, a decrease of 3.0%.
For the period January through March 2024, Hyundai global sales volume decreased by 1.9% y/y to 1,002,608 units, Kia decreased by 1.0% to 759,757 units, KGM decreased by 16.5% to 29,326 units, Renault Korea decreased 51.6% to 15,881 units, and GM Korea increased 50.5% to 125,212 units.
In terms of sales by model in March, Kia’s midsize SUV Sorento was ranked first with 8,974 units sold, followed by Hyundai’s light-duty truck Porter in second place with 8,032 units sold and Hyundai’s mid-size SUV Santa Fe was third in sales with 7,884 units.
Make | Domestic Sales | Overseas Sales | Global Sales Total | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 2023 | Y-o-Y | Mar. 2024 |
Mar. 2023 |
Y-o-Y | Mar. 2024 |
Mar. 2023 |
Y-o-Y | |||
Mar. | Share *1 | Mar. | Share *1 | ||||||||
Hyundai | 62,504 | 52.0% | 74,529 | 52.9% | -16.1% | 306,628 | 308,867 | -0.7% | 369,132 | 383,396 | -3.7% |
Kia | 49,006 | 40.7% | 53,046 | 37.7% | -7.6% | 222,705 | 225,371 | -1.2% | 271,711 | 278,417 | -2.4% |
KG Mobility / Ssangyong | 4,702 | 3.9% | 8,904 | 6.3% | -47.2% | 6,000 | 4,775 | 25.7% | 10,702 | 13,679 | -21.8% |
Renault Korea *3 | 2,039 | 1.7% | 2,636 | 1.9% | -22.6% | 5,094 | 12,985 | -60.8% | 7,133 | 15,621 | -54.3% |
GM Korea *2 | 2,038 | 1.7% | 1,699 | 1.2% | 20.0% | 49,350 | 39,082 | 26.3% | 51,388 | 40,781 | 26.0% |
Total | 120,289 | 100.0% | 140,814 | 100.0% | -14.6% | 589,777 | 591,080 | -0.2% | 710,066 | 731,894 | -3.0% |
*1: Share is based on MarkLines' own calculation. (calculated from total sales of five Korean makers)
*2: Exclude sales volume of Cadillac
*3: Includes Nissan Rogue
Registrations of new imported passenger cars
Maker/Brand | 2024 | 2023 | Y-o-Y | ||
---|---|---|---|---|---|
Mar. | Share | Mar. | Share | ||
BMW | 6,549 | 25.9% | 5,664 | 23.8% | 15.6% |
Tesla | 6,025 | 23.8% | - | -% | -% |
Mercedes-Benz | 4,197 | 16.6% | 6,533 | 27.4% | -35.8% |
Lexus | 1,218 | 4.8% | 1,376 | 5.8% | -11.5% |
Volvo | 1,081 | 4.3% | 2,156 | 9.0% | -49.9% |
Volkswagen | 949 | 3.8% | 452 | 1.9% | 110.0% |
MINI | 911 | 3.6% | 786 | 3.3% | 15.9% |
Porsche | 781 | 3.1% | 1,117 | 4.7% | -30.1% |
Toyota | 759 | 3.0% | 785 | 3.3% | -3.3% |
Audi | 653 | 2.6% | 2,260 | 9.5% | -71.1% |
Ford/Lincoln | 589 | 2.3% | 678 | 2.8% | -13.1% |
Land Rover | 338 | 1.3% | 633 | 2.7% | -46.6% |
Honda | 321 | 1.3% | 71 | 0.3% | 352.1% |
Chrysler/Jeep | 294 | 1.2% | 274 | 1.1% | 7.3% |
Polestar | 219 | 0.9% | 67 | 0.3% | 226.9% |
Chevrolet | 117 | 0.5% | 565 | 2.4% | -79.3% |
Peugeot | 94 | 0.4% | 166 | 0.7% | -43.4% |
Cadillac | 53 | 0.2% | 88 | 0.4% | -39.8% |
GM/GMC | 33 | 0.1% | 70 | 0.3% | -52.9% |
Lamborghini | 31 | 0.1% | 8 | 0.0% | 287.5% |
Maserati | 22 | 0.1% | 21 | 0.1% | 4.8% |
Rolls-Royce | 15 | 0.1% | 23 | 0.1% | -34.8% |
Bentley | 14 | 0.1% | 35 | 0.1% | -60.0% |
DS | - | -% | 9 | 0.0% | -% |
Jaguar | - | -% | 3 | 0.0% | -% |
Total | 25,263 | 100.0% | 23,840 | 100.0% | 6.0% |
Flash report, February 2024
Mar 5, 2024
*There are cases where recently released data and detailed information in the database do not match up for reasons including different information sources, and discrepancies between preliminary reports and confirmed data.
Five Korean automakers announced domestic new vehicle sales in February. New vehicle sales in South Korea decreased by 20.7% compared to the same month in the previous year to 99,203 units. A reduction in the number of business days in February due to the Lunar New Year holiday and the delayed announcement of subsidies for electric vehicles (EVs) impacted sales in South Korea.
By company, Hyundai Motor was the leader with sales of 47,653 units (48.0% market share), a decrease of 26.7% year-over-year (y/y), followed by Kia Motors with a 12.0% decrease to 44,008 units (44.4% share). KG Mobility (KGM) came in third place with a 44.8% decrease to 3,748 units (3.8% share). GM Korea experienced an increase in sales of 77.9% to 1,987 units (2.0% share) and fifth Renault Korea Motors sales decreased by 18.5% to 1,807 units (1.8% share). GM Korea was the only automaker to experience growth, with its Trax Crossover compact SUV model particularly in high demand.
Overseas sales, including exports, increased 1.5% at Hyundai, 56.4% at KGM, 14.2% at GM Korea and 2.8% at Renault Korea. Kia’s sales fell 2.8%.
Global sales for the five automakers in February were mixed as well, with Hyundai's global sales decreased 4.1% y/y to 314,909 units, Kia's sales decreased 4.6% to 242,356 units, KGM’s sales decreased by 9.4% to 9,452 units and GM Korea’s jumped 16.9 % to 30,630 units. Renault Korea’s sales decreased 3.8% to 6,877 units. The overall global sales total of the five companies were 604,224 units, a decrease of 3.5%.
For the period January through February 2024, Hyundai global sales volume decreased by 0.9% y/y to 632,765 units, Kia decreased by 0.2% to 487,758units, KGM decreased by 13.1% to 18,624 units, Renault Korea decreased 49.1% to 8,748 units and GM Korea increased 73.9% to 73,824 units.
In terms of sales by model in February, Kia’s midsize SUV Sorento was ranked first with 8,671 units sold, followed by Kia’s MPV Carnival in second place with 7,989 units sold and Hyundai’s mid-size SUV Santa Fe was third in sales with 7,413 units.
South Korea - Sales of domestic make (Feb. 2023)
Make | Domestic Sales | Overseas Sales | Global Sales Total | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 2023 | Y-o-Y | Feb. 2024 |
Feb. 2023 |
Y-o-Y | Feb. 2024 |
Feb. 2023 |
Y-o-Y | |||
Feb. | Share *1 | Feb. | Share *1 | ||||||||
Hyundai | 47,653 | 48.0% | 65,015 | 51.9% | -26.7% | 267,256 | 263,293 | 1.5% | 314,909 | 328,308 | -4.1% |
Kia | 44,008 | 44.4% | 50,016 | 40.0% | -12.0% | 198,348 | 204,001 | -2.8% | 242,356 | 254,017 | -4.6% |
KG Mobility / Ssangyong | 3,748 | 3.8% | 6,785 | 5.4% | -44.8% | 5,704 | 3,646 | 56.4% | 9,452 | 10,431 | -9.4% |
GM Korea *2 | 1,987 | 2.0% | 1,117 | 0.9% | 77.9% | 28,643 | 25,074 | 14.2% | 30,630 | 26,191 | 16.9% |
Renault Korea *3 | 1,807 | 1.8% | 2,218 | 1.8% | -18.5% | 5,070 | 4,932 | 2.8% | 6,877 | 7,150 | -3.8% |
Total | 99,203 | 100.0% | 125,151 | 100.0% | -20.7% | 505,021 | 500,946 | 0.8% | 604,224 | 626,097 | -3.5% |
*1: Share is based on MarkLines' own calculation. (calculated from total sales of five Korean makers)
*2: Exclude sales volume of Cadillac
*3: Includes Nissan Rogue
Registrations of new imported passenger cars
Maker/Brand | 2024 | 2023 | Y-o-Y | ||
---|---|---|---|---|---|
Feb. | Share | Feb. | Share | ||
BMW | 6,089 | 37.5% | 6,381 | 29.5% | -4.6% |
Mercedes-Benz | 3,592 | 22.1% | 5,519 | 25.5% | -34.9% |
Volvo | 961 | 5.9% | 827 | 3.8% | 16.2% |
Lexus | 919 | 5.7% | 1,344 | 6.2% | -31.6% |
Porsche | 828 | 5.1% | 1,123 | 5.2% | -26.3% |
MINI | 755 | 4.6% | 587 | 2.7% | 28.6% |
Toyota | 736 | 4.5% | 695 | 3.2% | 5.9% |
Ford/Lincoln | 530 | 3.3% | 566 | 2.6% | -6.4% |
Volkswagen | 462 | 2.8% | 517 | 2.4% | -10.6% |
Land Rover | 275 | 1.7% | 504 | 2.3% | -45.4% |
Audi | 268 | 1.7% | 2,200 | 10.2% | -87.8% |
Tesla | 174 | 1.1% | - | -% | -% |
Chrysler/Jeep | 167 | 1.0% | 599 | 2.8% | -72.1% |
Chevrolet | 136 | 0.8% | 254 | 1.2% | -46.5% |
Honda | 111 | 0.7% | 161 | 0.7% | -31.1% |
Peugeot | 106 | 0.7% | 74 | 0.3% | 43.2% |
Cadillac | 63 | 0.4% | 65 | 0.3% | -3.1% |
GM/GMC | 20 | 0.1% | 48 | 0.2% | -58.3% |
Maserati | 16 | 0.1% | 21 | 0.1% | -23.8% |
Bentley | 11 | 0.1% | 61 | 0.3% | -82.0% |
Rolls-Royce | 11 | 0.1% | 12 | 0.1% | -8.3% |
Lamborghini | 4 | 0.0% | 18 | 0.1% | -77.8% |
Polestar | 3 | 0.0% | 44 | 0.2% | -93.2% |
DS | - | -% | 1 | 0.0% | -% |
Jaguar | - | -% | 1 | 0.0% | -% |
Total | 16,237 | 100.0% | 21,622 | 100.0% | -24.9% |
Flash report, January 2024
Feb 2, 2024
*There are cases where recently released data and detailed information in the database do not match up for reasons including different information sources, and discrepancies between preliminary reports and confirmed data.
New vehicle sales by 5 major OEMs in South Korea increase 2.3% in January
Five Korean automakers announced domestic new vehicle sales in January. New vehicle sales in South Korea increased by 2.3% compared to the same month in the previous year to 102,719 units.
By company, Hyundai Motor was the leader with sales of 49,810 units (48.5% market share), a decrease of 3.3% year-over-year (y/y), followed by Kia Motors with a 15.3% increase to 44,608 units (43.4% share). KG Mobility (former Ssangyong Motor) came in third place with a 47.2% decrease to 3,762 units (3.7% share). GM Korea sales increased by 183.4% to 2,894 units (2.8% share), and fifth Renault Korea experienced a decrease in sales of 22.3% to 1,645 units (1.6% share). The decline in Hyundai sales was primarily due to the temporary suspension of production at Hyundai Motor's Asan Plant in South Korea, which is currently revamping its facilities to start electric vehicle (EV) production.
Overseas sales, including exports, increased 2.8% at Hyundai, 2.0%% at Kia, 164.6% at GM Korea and 39.7% at KG Mobility. Renault Korea saw decline of 97.1%.
Global sales of five automakers in January were mixed, with Hyundai's global sales up 1.8% y/y to 315,555 units, Kia’s sales up 4.2% to 244,681 units and GM Korea’s sales increased 165.8% to 43,194 units. KG Mobility’s sales decreased 16.6% to 9,172 units and Renault Korea’s sales down 81.4% to 1,871 units.
In terms of sales by model in January, Kia’s mid-size SUV Sorento was ranked first with 9,284 units sold, followed by Hyundai’s mid-size SUV Santa Fe in second place with 8,016 units sold and Kia’s MPV Carnival was third in sales with 7,049 units.
South Korea - Sales of domestic make (Jan. 2023)
Make | Domestic Sales | Overseas Sales | Global Sales Total | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 2023 | Y-o-Y | Jan. 2024 |
Jan. 2023 |
Y-o-Y | Jan. 2024 |
Jan. 2023 |
Y-o-Y | |||
Jan. | Share *1 | Jan. | Share *1 | ||||||||
Hyundai | 49,810 | 48.5% | 51,503 | 51.3% | -3.3% | 265,745 | 258,620 | 2.8% | 315,555 | 310,123 | 1.8% |
Kia | 44,608 | 43.4% | 38,678 | 38.5% | 15.3% | 200,073 | 196,124 | 2.0% | 244,681 | 234,802 | 4.2% |
KG Mobility / Ssangyong | 3,762 | 3.7% | 7,130 | 7.1% | -47.2% | 5,410 | 3,873 | 39.7% | 9,172 | 11,003 | -16.6% |
GM Korea *2 | 2,894 | 2.8% | 1,021 | 1.0% | 183.4% | 40,300 | 15,230 | 164.6% | 43,194 | 16,251 | 165.8% |
Renault Korea *3 | 1,645 | 1.6% | 2,116 | 2.1% | -22.3% | 226 | 7,929 | -97.1% | 1,871 | 10,045 | -81.4% |
Total | 102,719 | 100.0% | 100,448 | 100.0% | 2.3% | 511,754 | 481,776 | 6.2% | 614,473 | 582,224 | 5.5% |
Source: Releases by each companies
*1: Share is based on MarkLines' own calculation. (calculated from total sales of five Korean makers)
*2: Exclude sales volume of Cadillac
*3: Includes Nissan Rogue
Registrations of new imported passenger cars
Maker/Brand | 2024 | 2023 | Y-o-Y | ||
---|---|---|---|---|---|
Jan. | Share | Jan. | Share | ||
BMW | 4,330 | 33.1% | 6,089 | 37.5% | -28.9% |
Mercedes-Benz | 2,931 | 22.4% | 2,900 | 17.9% | 1.1% |
Lexus | 998 | 7.6% | 576 | 3.6% | 73.3% |
Volvo | 965 | 7.4% | 1,007 | 6.2% | -4.2% |
Toyota | 786 | 6.0% | 265 | 1.6% | 196.6% |
Porsche | 677 | 5.2% | 726 | 4.5% | -6.7% |
MINI | 543 | 4.2% | 279 | 1.7% | 94.6% |
Ford/Lincoln | 514 | 3.9% | 305 | 1.9% | 68.5% |
Land Rover | 340 | 2.6% | 475 | 2.9% | -28.4% |
Chrysler/Jeep | 213 | 1.6% | 244 | 1.5% | -12.7% |
Audi | 179 | 1.4% | 2,454 | 15.1% | -92.7% |
Honda | 177 | 1.4% | 69 | 0.4% | 156.5% |
Chevrolet | 155 | 1.2% | 360 | 2.2% | -56.9% |
Peugeot | 101 | 0.8% | 66 | 0.4% | 53.0% |
Cadillac | 57 | 0.4% | 75 | 0.5% | -24.0% |
Volkswagen | 53 | 0.4% | 196 | 1.2% | -73.0% |
GM/GMC | 18 | 0.1% | - | -% | -% |
Maserati | 16 | 0.1% | 13 | 0.1% | 23.1% |
Bentley | 13 | 0.1% | 72 | 0.4% | -81.9% |
Rolls-Royce | 9 | 0.1% | 19 | 0.1% | -52.6% |
Lamborghini | 7 | 0.1% | 28 | 0.2% | -75.0% |
Tesla | 1 | 0.0% | - | -% | -% |
DS | - | -% | 2 | 0.0% | -% |
Jaguar | - | -% | 2 | 0.0% | -% |
Total | 13,083 | 100.0% | 16,222 | 100.0% | -19.4% |
Source: Korea Automobile Importers & Distributors Association (KAIDA)