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, June 2024
Jul 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 16.4% in June
Five Korean automakers announced domestic new vehicle sales in June. New vehicle sales in South Korea decreased by 16.4% compared to the same month in the previous year to 111,851 units. While South Korean automakers continued to face sluggish domestic demand in June, KGM, Renault Korea, and GM Korea experienced increased exports.
By company, Hyundai Motor was the leader with sales of 59,804 units (53.5% market share), a decrease of 14.8% year-over-year (y/y), followed by Kia Motors with a 13.7% decrease to 44,003 units (39.3% share). KGM came in third place with a 28.8% decrease to 4,102 units (3.7% share). Renault Korea sales increased by 18.6% to 2,041 units (1.8% share), and fifth GM Korea experienced a decrease in sales of 63.2% to 1,901 units (1.7% share).
Overseas sales, including exports, decreased 4.4% at Hyundai, 1.7% at Kia. Sales increased by 17.2% at KGM, 5.1 % at GM Korea and 24.8 % at Renault Korea. In total, overseas sales decreased by 2.2% to 573,921 units.
Global sales for the five automakers in June were mixed as well, with Hyundai's global sales down 6.3% y/y to 351,516 units, Kia's sales decreased 3.9% to 267,036 units, GM Korea’s sales dropped by 1.9% to 48,860 units. KGM’s sales decreased 8.6% to 9,358 units and Renault Korea’s sales increased 23.4% to 9,002 units. The overall global sales total of the five companies were 685,772 units, a decrease of 4.8%.
For the period January through June 2024, Hyundai global sales volume decreased by 0.9% y/y to 2,061,883 units, Kia decreased by 1.4% to 1,551,947 units, GM Korea increased by 25.7% to 269,422 units, Renault Korea decreased 35.0% to 42,133 units and KGM decreased 13.2% to 56,565 units.
In terms of sales by model in June, Kia’s MPV Carnival was ranked first with 8,097 units sold, followed by Kia’s midsize SUV Sorento in second place with 7,307 units sold and Kia’s compact SUV Sportage, Hyundai’s light-duty truck Porter tied for third place in sales, each with 5,815 units sold.
| Make | Domestic Sales | Overseas Sales | Global Sales Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | Y-o-Y | Jun. 2024 |
Jun. 2023 |
Y-o-Y | Jun. 2024 |
Jun. 2023 |
Y-o-Y | |||
| Jun. | Share *1 | Jun. | Share *1 | ||||||||
| Hyundai | 59,804 | 53.5% | 70,163 | 52.4% | -14.8% | 291,712 | 305,004 | -4.4% | 351,516 | 375,167 | -6.3% |
| Kia | 44,003 | 39.3% | 51,002 | 38.1% | -13.7% | 223,033 | 226,867 | -1.7% | 267,036 | 277,869 | -3.9% |
| KGM | 4,102 | 3.7% | 5,758 | 4.3% | -28.8% | 5,256 | 4,485 | 17.2% | 9,358 | 10,243 | -8.6% |
| Renault Korea *3 | 2,041 | 1.8% | 1,721 | 1.3% | 18.6% | 6,961 | 5,576 | 24.8% | 9,002 | 7,297 | 23.4% |
| GM Korea *2 | 1,901 | 1.7% | 5,159 | 3.9% | -63.2% | 46,959 | 44,672 | 5.1% | 48,860 | 49,831 | -1.9% |
| Total | 111,851 | 100.0% | 133,803 | 100.0% | -16.4% | 573,921 | 586,604 | -2.2% | 685,772 | 720,407 | -4.8% |
*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 | ||
|---|---|---|---|---|---|
| Jun. | Share | Jun. | Share | ||
| Mercedes-Benz | 6,661 | 26.3% | 8,003 | 29.9% | -16.8% |
| BMW | 6,172 | 24.4% | 8,100 | 30.3% | -23.8% |
| Tesla | 5,293 | 20.9% | - | -% | -% |
| Volvo | 1,452 | 5.7% | 1,372 | 5.1% | 5.8% |
| Lexus | 1,047 | 4.1% | 1,655 | 6.2% | -36.7% |
| Audi | 902 | 3.6% | 1,347 | 5.0% | -33.0% |
| MINI | 746 | 2.9% | 970 | 3.6% | -23.1% |
| Toyota | 660 | 2.6% | 966 | 3.6% | -31.7% |
| Ford/Lincoln | 454 | 1.8% | 330 | 1.2% | 37.6% |
| Land Rover | 414 | 1.6% | 507 | 1.9% | -18.3% |
| Volkswagen | 400 | 1.6% | 538 | 2.0% | -25.7% |
| Porsche | 267 | 1.1% | 1,109 | 4.1% | -75.9% |
| Honda | 230 | 0.9% | 111 | 0.4% | 107.2% |
| Chrysler/Jeep | 206 | 0.8% | 475 | 1.8% | -56.6% |
| Chevrolet | 78 | 0.3% | 444 | 1.7% | -82.4% |
| Peugeot | 76 | 0.3% | 223 | 0.8% | -65.9% |
| Cadillac | 62 | 0.2% | 106 | 0.4% | -41.5% |
| Bentley | 40 | 0.2% | 94 | 0.4% | -57.4% |
| Lamborghini | 40 | 0.2% | 39 | 0.1% | 2.6% |
| Polestar | 27 | 0.1% | 198 | 0.7% | -86.4% |
| Maserati | 27 | 0.1% | 61 | 0.2% | -55.7% |
| GM/GMC | 26 | 0.1% | 25 | 0.1% | 4.0% |
| Rolls-Royce | 20 | 0.1% | 43 | 0.2% | -53.5% |
| DS | - | -% | 25 | 0.1% | -100.0% |
| Jaguar | - | -% | 15 | 0.1% | -100.0% |
| Total | 25,300 | 100.0% | 26,756 | 100.0% | -5.4% |
Flash report, May 2024
Jun 3, 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 May. New vehicle sales in South Korea decreased by 10.6% compared to the same month in the previous year to 116,552 units. The combination of delays in the delivery of hybrid vehicles, sluggish demand for electric vehicles, and high-interest rate burdens is seen as contributing to subdued consumer sentiment for new cars.
By company, Hyundai Motor was the leader with sales of 62,200 units (53.4% market share), a decrease of 9.4% year-over-year (y/y), followed by Kia Motors with an 8.3% decrease to 46,110 units (39.6% share). KGM came in third place with a 16.8% decrease to 4,001 units (3.4% share). GM Korea experienced a decrease in sales of 50.8% to 2,340 units (2.0% share), and fifth Renault Korea Motors experienced an increase in sales of 6.9% to 1,901 units (1.6% share).
Overseas sales, including exports, mixed for five Korean OEMs in May: sales increased 4.7% at Hyundai and 37.8% at GM Korea. Sales decreased by 0.6% at Kia, 18.3% at KGM and 64.3% at Renault Korea. In total, overseas sales increased by 2.8% to 569,332 units.
Global sales for the five automakers in May were mixed as well, with Hyundai's global sales increased 1.9% y/y to 356,223 units, Kia's sales decreased 2.1% to 263,929 units, KGM’s sales decreased by 17.5% to 8,130 units and Renault Korea’s sales decreased 55.9% to 6,678 units. GM Korea’s jumped 27.2 % to 50,924 units. The overall global sales total of the five companies were 685,884 units, an increase of 0.3%.
For the period January through May 2024, Hyundai global sales volume increased by 0.2% y/y to 1,709,463 units, Kia decreased by 0.8% to 1,284,527 units, GM Korea increased by 34.1% to 220,562 units, Renault Korea decreased 42.4% to 33,131 units and KGM decreased 14.0% to 47,207 units.
In terms of sales by model in May, Kia’s midsize SUV Sorento was ranked first with 7,487units sold, followed by Kia’s MPV Carnival in second place with 7,211 units sold and Hyundai’s light-duty truck Porter was third in sales with 6,989 units.
South Korea - Sales of domestic make (May 2024)
| Make | Domestic Sales | Overseas Sales | Global Sales Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | Y-o-Y | May 2024 |
May 2023 |
Y-o-Y | May 2024 |
May 2023 |
Y-o-Y | |||
| May | Share *1 | May | Share *1 | ||||||||
| Hyundai | 62,200 | 53.4% | 68,680 | 52.7% | -9.4% | 294,023 | 280,957 | 4.7% | 356,223 | 349,637 | 1.9% |
| Kia | 46,110 | 39.6% | 50,275 | 38.6% | -8.3% | 217,819 | 219,186 | -0.6% | 263,929 | 269,461 | -2.1% |
| KGM | 4,001 | 3.4% | 4,809 | 3.7% | -16.8% | 4,129 | 5,051 | -18.3% | 8,130 | 9,860 | -17.5% |
| GM Korea *2 | 2,340 | 2.0% | 4,758 | 3.7% | -50.8% | 48,584 | 35,261 | 37.8% | 50,924 | 40,019 | 27.2% |
| Renault Korea *3 | 1,901 | 1.6% | 1,778 | 1.4% | 6.9% | 4,777 | 13,376 | -64.3% | 6,678 | 15,154 | -55.9% |
| Total | 116,552 | 100.0% | 130,300 | 100.0% | -10.6% | 569,332 | 553,831 | 2.8% | 685,884 | 684,131 | 0.3% |
*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 | ||
|---|---|---|---|---|---|
| May | Share | May | Share | ||
| BMW | 6,240 | 25.8% | 6,036 | 28.3% | 3.4% |
| Mercedes-Benz | 5,947 | 24.6% | 6,292 | 29.5% | -5.5% |
| Tesla | 4,165 | 17.2% | - | -% | -% |
| Volvo | 1,516 | 6.3% | 1,502 | 7.0% | 0.9% |
| Lexus | 1,319 | 5.4% | 974 | 4.6% | 35.4% |
| Audi | 831 | 3.4% | 902 | 4.2% | -7.9% |
| MINI | 722 | 3.0% | 862 | 4.0% | -16.2% |
| Toyota | 701 | 2.9% | 629 | 2.9% | 11.4% |
| Ford/Lincoln | 627 | 2.6% | 371 | 1.7% | 69.0% |
| Volkswagen | 445 | 1.8% | 862 | 4.0% | -48.4% |
| Porsche | 390 | 1.6% | 1,005 | 4.7% | -61.2% |
| Land Rover | 351 | 1.4% | 410 | 1.9% | -14.4% |
| Chrysler/Jeep | 277 | 1.1% | 288 | 1.3% | -3.8% |
| Honda | 235 | 1.0% | 106 | 0.5% | 121.7% |
| Peugeot | 93 | 0.4% | 171 | 0.8% | -45.6% |
| Chevrolet | 82 | 0.3% | 396 | 1.9% | -79.3% |
| Lamborghini | 53 | 0.2% | 58 | 0.3% | -8.6% |
| Cadillac | 52 | 0.2% | 88 | 0.4% | -40.9% |
| Maserati | 51 | 0.2% | 62 | 0.3% | -17.7% |
| Bentley | 38 | 0.2% | 79 | 0.4% | -51.9% |
| Polestar | 30 | 0.1% | 141 | 0.7% | -78.7% |
| GM/GMC | 26 | 0.1% | 53 | 0.2% | -50.9% |
| Rolls-Royce | 18 | 0.1% | 34 | 0.2% | -47.1% |
| DS | - | -% | 13 | 0.1% | -100.0% |
| Jaguar | - | -% | 5 | 0.0% | -100.0% |
| Total | 24,209 | 100.0% | 21,339 | 100.0% | 13.4% |
Flash report, April 2024
May 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.
Five Korean automakers announced domestic new vehicle sales in April. New vehicle sales in South Korea decreased by 7.3% compared to the same month in the previous year to 118,978 units. This decrease in sales aligns with a notable downturn in consumer sentiment, primarily attributed to rapid inflation and persistently high interest rates on loans and installments in the domestic market.
By company, Hyundai Motor was the leader with sales of 63,733 units (53.6% market share), a decrease of 4.4% year-over-year (y/y), followed by Kia Motors with a 3.2% decrease to 47,505 units (39.9% share). KG Mobility came in third place with a 34.4% decrease to 3,663 units (3.1% share). GM Korea sales decreased by 56.1% to 2,297 units (1.9% share), and fifth Renault Korea experienced a decrease in sales of 1.2% to 1,780 units (1.5% share).
Overseas sales, including exports, increased 5.2% at Hyundai, 1.6% at Kia, 40.1% at KG Mobility, 17.0% at GM Korea and 13.0 % at Renault Korea.
Global sales for the four automakers in April were increased, with Hyundai's global sales up 3.3% y/y to 345,840 units, Kia's sales increased 0.7% to 260,586 units, GM Korea’s sales increased by 7.7% to 44,426 units and Renault Korea’s sales increased 10.4% to 10,572 units. KG Mobility’s sales decreased 1.8% to 9,751 units. The overall global sales total of the five companies were 671,175 units, an increase of 2.6%.
For the period January through April 2023, Hyundai global sales volume decreased by 0.3% y/y to 1,352,607 units, Kia decreased by 0.6% to 1,020,352 units, GM Korea increased by 36.3% to 169,638 units, Renault Korea decreased 37.6% to 26,453 units and KG Mobility decreased 13.2% to 39,077 units.
In terms of sales by model in April, Kia’s midsize SUV Sorento was ranked first with 7,865 units sold, followed by Kia’s compact SUV Sportage in second place with 7,179 units sold and Hyundai’s mid-size sedan Grandeur was third in sales with 7,085 units.
South Korea - Sales of domestic make (Apr. 2024)
| Make | Domestic Sales | Overseas Sales | Global Sales Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | Y-o-Y | Apr. 2024 |
Apr. 2023 |
Y-o-Y | Apr. 2024 |
Apr. 2023 |
Y-o-Y | |||
| Apr. | Share *1 | Apr. | Share *1 | ||||||||
| Hyundai | 63,733 | 53.6% | 66,660 | 51.9% | -4.4% | 282,107 | 268,230 | 5.2% | 345,840 | 334,890 | 3.3% |
| Kia | 47,505 | 39.9% | 49,086 | 38.2% | -3.2% | 213,081 | 209,747 | 1.6% | 260,586 | 258,833 | 0.7% |
| KG Mobility / Ssangyong | 3,663 | 3.1% | 5,583 | 4.3% | -34.4% | 6,088 | 4,346 | 40.1% | 9,751 | 9,929 | -1.8% |
| GM Korea *2 | 2,297 | 1.9% | 5,230 | 4.1% | -56.1% | 42,129 | 36,003 | 17.0% | 44,426 | 41,233 | 7.7% |
| Renault Korea *3 | 1,780 | 1.5% | 1,801 | 1.4% | -1.2% | 8,792 | 7,779 | 13.0% | 10,572 | 9,580 | 10.4% |
| Total | 118,978 | 100.0% | 128,360 | 100.0% | -7.3% | 552,197 | 526,105 | 5.0% | 671,175 | 654,465 | 2.6% |
*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 | ||
|---|---|---|---|---|---|
| Apr. | Share | Apr. | Share | ||
| Mercedes-Benz | 6,683 | 31.0% | 6,176 | 29.5% | 8.2% |
| BMW | 5,750 | 26.7% | 5,836 | 27.9% | -1.5% |
| Tesla | 1722 | 8.0% | - | -% | -% |
| Volvo | 1210 | 5.6% | 1599 | 7.6% | -24.3% |
| Lexus | 920 | 4.3% | 1,025 | 4.9% | -10.2% |
| Toyota | 893 | 4.1% | 638 | 3.1% | 40.0% |
| Audi | 770 | 3.6% | 473 | 2.3% | 62.8% |
| MINI | 676 | 3.1% | 946 | 4.5% | -28.5% |
| Porsche | 620 | 2.9% | 1,146 | 5.5% | -45.9% |
| Volkswagen | 566 | 2.6% | 675 | 3.2% | -16.1% |
| Ford/Lincoln | 550 | 2.6% | 542 | 2.6% | 1.5% |
| Chrysler/Jeep | 281 | 1.3% | 207 | 1.0% | 35.7% |
| Land Rover | 268 | 1.2% | 459 | 2.2% | -41.6% |
| Honda | 167 | 0.8% | 55 | 0.3% | 203.6% |
| Peugeot | 101 | 0.5% | 111 | 0.5% | -9.0% |
| Chevrolet | 85 | 0.4% | 706 | 3.4% | -88.0% |
| Polestar | 83 | 0.4% | 54 | 0.3% | 53.7% |
| Lamborghini | 60 | 0.3% | 31 | 0.1% | 93.5% |
| Cadillac | 50 | 0.2% | 66 | 0.3% | -24.2% |
| GM/GMC | 36 | 0.2% | 46 | 0.2% | -21.7% |
| Bentley | 24 | 0.1% | 45 | 0.2% | -46.7% |
| Maserati | 23 | 0.1% | 45 | 0.2% | -48.9% |
| Rolls-Royce | 22 | 0.1% | 23 | 0.1% | -4.3% |
| Jaguar | - | -% | 4 | 0.0% | -% |
| DS | - | -% | 2 | 0.0% | -% |
| Total | 21,560 | 100.0% | 20,910 | 100.0% | 3.1% |
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. 2024)
| 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. 2024)
| 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)