Korea - Automotive Sales volume, 2024

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Flash report, Automotive sales volume, 2024

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.

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)

More detailed statistics for Korea

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