S. Korean carmakers see exports grow in Oct despite worsening trade conditions

[Provided by Hyundai Motor]

South Korea-based five automakers posted higher exports in October despite a rise in raw materials and strong inflation around the world, driven by their premium and green fleet.

Hyundai Motor sold a total of 347,324 vehicles last month, including 286,588 units overseas. Demand for its Genesis brand helped boost sales as exports rose 13.9 percent.

Business environment remains challenging with the re-emergence of Covid, higher raw material costs, rising interest rates and concerns of inflation, an unnamed Hyundai Motor official said. But the official said that the shortage of chips is showing signs of improvement and new cars have been met well.

[Provided by Kia Corp.]

Kia Corp. sold 238,660 vehicles last month, with overseas sales increasing 7.5 percent to 195,628 units. Shortage sport-utility vehicles was its top seller, followed by Seltos and Sorento SUV models.

[Provided by GM Korea]

GM Korea’s sales jumped 419 percent to 26,811 units, helped by its biggest monthly exports this year. Demand for Its Chevrolet Trailblazer in the overseas markets contributed to the automaker’s sales.

[Provided by Renault Korea Motors]

Renault Korea Motors’ sales last month amounted to 19,258 units, as exports rose 125 percent helped by high demand for its XM3 SUV.

[Provided by Ssangyong Motor]

Ssangyong Motor sold a total 13,156 units, exceeding its record monthly sales in September. Exports jumped 261 percent helped by its Rexton SUV. Domestic sales reached 7,850 units last month, the highest since December 2020.

By Lee Young-wook and Kyunghee Park