Korea's auto sales in Jan. up 1.4% on yr led by strong domestic demand

GV70. [Photo by Hyundai Motor Group]

Shipments by South Korean car producers rose 1.4 percent in January against a year-ago period as sound sales at home during the traditional slow season help to offset subdued demand from overseas grappled with the winter outbreak despite vaccine rollouts.

Kia Corp. and SsangYong Motor Co. reported growth both at home and abroad.

Hyundai Motor, Kia and smaller makers under foreign ownership – GM Korea, Renault Samsung Motors and SsangYong Motor – sold a combined 613,113 vehicles in January at home and abroad, up 1.4 percent from a year ago, according to the companies on Monday.

Domestic sales jumped 16.7 percent on year to 116,270 units, while outbound shipments fell 1.7 percent to 496,843 units. Against a month earlier, local and overseas sales dropped 12.6 percent and 10.7 percent, respectively.

The country’s largest automaker Hyundai Motor delivered total 319,959 units in January, gaining 1.6 percent from the previous year. It sold 59,501 units at home, up 25 percent on year. Its overseas sales, however, lost 2.5 percent to 260,458 units.

Grandeur large sedan that broke the 2-million-unit sales milestone at home last year sold 8,081 units in January alone, becoming the best-selling model on home turf for three consecutive months. Tucson sold 6,733 units, Avante 6,552 units and Santa Fe 4,313 units.

Hyundai Motor’s luxury marque Genesis showed impressive growth with sales of 11,497 units, surging 283.2 percent on year on explosive demand for the much-awaited second SUV model GV70 that came out last month. GV70 sold 2,287 units, G80 5,650 units and GV80 1,965 units.

Kia, who has dropped Motors off its nameplate to start anew as a mobility solution provider, sold total 226,298 units last month, up 2.5 percent on year. Sales gained 12 percent to 41,481 units in Korea, and overseas shipments also added 0.6 percent to 184,817 units.

January is traditionally slow season, compared to December with various promotional events, but Kia saw a 6.8 percent increase in domestic sales from the previous month.

Demand for recreational vehicles grew the most, expanding sales by 76.5 percent to 22,614 units. Family van Carnival sold the most 8,043 units at home turf, Sorento 7,480 units, and Seltos 3,982 units.

GM Korea under U.S. automaker General Motors Co. reported a rebound of 76.4 percent on year thanks to expanded sales both at home and abroad. Domestic sales increased 19.7 percent to 6,106 units, and overseas sales soared 95.2 percent to 30,020 units.

When combining complete knock-down kits, exports lost 8.7 percent on year to 45,920 units, driving down the company’s entire January sales by 6 percent.

Damas and Labo mini trucks, whose production is due to be discontinued within the first quarter, sold 441 units and 503 units, respectively, adding 94.3 percent and 130.7 percent on year.

Renault Samsung Motors, the South Korean operation of French carmaker Renault S.A., sold 6,152 units, down 1.3 percent on year. It sold 3,534 units in Korea, shriveling 17.9 percent from a year earlier, but exports surged 35.6 percent to 2,618 units with the first batch of Europe-bound crossover SUV XM3 shipped out last month.

Troubled SsangYong Motor’s January sales grew 13.4 percent to 8,678 units despite output disruption due to parts suppliers’ refusal of supplying key parts for assembly. Exports rose 13.4 percent to exceed 3,000 for the first time since September 2019, and domestic sales up 1.6 percent.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]