H1 sales of Korean automakers exceed 4mn units for first time in 5 years

Hyundai Motor Co. Grandeur GN7 [Photo provided by Hyundai Motor]

Five automobile manufacturers in South Korea have sold more than 4 million vehicles at home and abroad in the first six months of this year, marking the first time in five years that their combined sales have surpassed the mark.

According to sources on Monday, Hyundai Motor Co., Kia Corp., KG Mobility Corp., GM Korea, and Renault Korea Motors Co. sold a combined 4,001,680 vehicles in the first six months of this year at home and abroad. The figure is up 12.9 percent from 3,545,148 units in the same period last year.

Domestic sales rose 13.6 percent while overseas sales 12.7 percent.

The automotive industry faced disruptions in vehicle production last year due to a shortage of semiconductors and supply chain constraints. The limited supply led to a continuous accumulation of demand for new vehicles.

However, with the resolution of the chip shortage that had constrained vehicle supply, the sales performance of the Korean automotive industry improved in the first half of this year.

Despite concerns of weakened demand for new vehicles due to high interest rates, the performance of Korea’s automotive industry has shown improvement.

The best-selling model in Korea during the first half of this year was the Hyundai Grandeur, with sales reaching 62,970 units. It was followed by the Hyundai Porter (53,351 units), Kia Carnival (39,350 units), Kia Sorento (36,558 units), Hyundai Avante (36,520 units), Kia Sportage (36,084 units), and Kia Bongo (34,325 units).

In the first half of last year, the three most popular models in Korea were the Porter (41,848 units), Grandeur (33,672 units), and Bongo (31,801 units).

Sales of Grandeur in the first half of this year saw a significant 87 percent surge from a year ago, driven by the release of the 7th generation model (GN7). Despite ongoing quality controversies, with two recalls and 16 cases of free repairs this year, the monthly sales of the GN7 have remained on an upward trend.

By company, Hyundai Motor and Kia sold a combined 3,654,632 vehicles at home and abroad in the first half of this year, up 10.8 percent from a year ago.

KG Mobility achieved a 36.5 percent increase in sales, which stood at 65,145 vehicles.

Renault Korea Motors, on the other hand, was the only one among the major automakers to experience a decline in sales in the first half of this year.