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Automobile industry

South Korean Automakers Report Sharp Sales Increase in January

Strategic Insights

— 2 min read

South Korea's five major automakers saw a significant surge in sales in January, driven by strong overseas demand. Hyundai Motor Co. and Kia Motors Corp., the two largest players in the market, led the charge, with Kia's January sales increasing by 36.8% year-over-year. The combined global sales of the South Korean carmakers totaled 626,806 vehicles in January, a 21.9% increase from the same period last year. Meanwhile, domestic sales grew by a modest 1.4% to 120,577 units.

Key Takeaways:

  • Hyundai Motor Co. and Kia Motors Corp. led the sales increase among South Korea's five major automakers in January, with Kia's overseas sales climbing 36.8% year-over-year to 176,741 units.
  • The combined global sales of South Korea's five major automakers rose 21.9% in January to 626,806 vehicles, up from 514,094 units sold in the same period last year.
  • Kia Motors saw its sales in the domestic market surge 19.1% to 40,502 vehicles in January.
  • Hyundai Motor's sales in the domestic market dropped 7.3% year-over-year to 55,412 units in January, due in part to the strong sales of its affiliate Kia Motors.
  • GM Daewoo's sales were not significantly affected by its plan to replace existing vehicle models with Chevrolet brands, with domestic sales rising 10.4% to 10,006 units and exports jumping 23.6% to 58,350 units.
  • Ssangyong Motor saw its domestic sales jump 41.8% to 2,857 units and exports rise 82.6% to 4,722 units, with the company expecting further growth once it launches the Korando C vehicle in domestic markets.

Statistics:

  • 626,806: Combined global sales of South Korea's five major automakers in January.
  • 21.9%: Year-over-year increase in combined global sales in January.
  • 514,094: Combined global sales of South Korea's five major automakers in January 2022.
  • 120,577: Combined domestic sales of South Korea's five major automakers in January.
  • 1.4%: Year-over-year increase in combined domestic sales in January.
  • 176,741: Overseas sales of Kia Motors in January, a 36.8% year-over-year increase.
  • 40,502: Domestic sales of Kia Motors in January, a 19.1% year-over-year increase.
  • 55,412: Domestic sales of Hyundai Motor in January, a 7.3% year-over-year decrease.

Sources:

  • "South Korea's 5 automakers post sharp on-year sales increase in January" by Asia Pulse on February 1.
  • "Kia Motors' global sales in January increase 33.1% on strong performances by its new vehicles" by Kia Motors in a press release on January 2023.
  • "GM Daewoo's sales not affected by plan to replace existing vehicle models" by Asia Pulse on February 1.
  • "Ssangyong Motor enjoys largest improvement in sales among South Korea's 5 automakers" by Asia Pulse on February 1.
  • "Renault Samsung's share in domestic market diminishes as sales drop 15.7%" by Asia Pulse on February 1.

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