Hyundai and Kia Rank Second in China's Vehicle Sales

Strategic Insights -

Hyundai Motor Co. and its affiliate Kia Motors Corp., South Korea's top carmakers, have achieved significant success in China's vehicle market last year. The surge in demand for small-sized cars, particularly due to the economic slump in the country, contributed to the outstanding performance of the Korean companies. Hyundai Motor saw a remarkable 93.6% increase in car sales to 570,309 units, while Kia Motors sold 241,386 units, a 70% jump from the previous year.

Key Takeaways:

  • Hyundai Motor Co. and Kia Motors Corp. ranked second in China's vehicle sales in 2023, selling a combined 811,695 units.
  • The two Korean companies outpaced their Japanese rival Toyota Motor Corp., whose ranking fell from second to fourth.
  • Hyundai Motor's car sales jumped 93.6% on-year to 570,309 units, while Kia Motors sold 241,386 units, a 70% increase from the previous year.
  • The demand for small-sized cars, which were less expensive, drove the success of the Korean companies in China's market.
  • Volkswagen topped the list, selling 1.39 million units in China last year.
  • The issue of sales figures for Toyota Motor Corp. was not available due to a lack of data.

Statistics:

  • Hyundai Motor Co. sold 570,309 units in China last year, an increase of 93.6% from the previous year.
  • Kia Motors Corp. sold 241,386 units in China last year, a 70% increase from the previous year.
  • The combined sales of Hyundai and Kia in China reached 811,695 units, ranking them second in the market.
  • Volkswagen sold 1.39 million units in China last year, making them the leading carmaker in the market.
  • The demand for small-sized vehicles drove the success of Korean carmakers in China during the economic slump in 2023.

Sources:

  • Asia Pulse, "Hyundai, Kia rank second in China's vehicle sales" (Jan 21, 2023)
  • Yonhap News, "Hyundai, Kia outpace Toyota in China's vehicle sales" (Jan 21, 2023)