Domestic sales of new mini cars in South Korea fell to about 70,000 units last year, the lowest level on record, data showed.
According to Kaizu Data Research Institute on Monday, 74,600 new mini passenger cars were sold domestically last year, down 24.8% from a year earlier.
It was the first time in the past 20 years that mini-car sales dropped into the 70,000 range, and the lowest figure since domestic sales by vehicle class began being tallied.
Data from the Korea Automobile Manufacturers Association show mini-car sales peaked at 216,221 units in 2012, then slid to 146,722 in 2017. The decline continued to 134,333 in 2018, 121,307 in 2019 and 103,983 in 2020, before falling below 100,000 in 2021 at 98,781.
Sales rebounded to 134,294 in 2022 after Hyundai introduced its first mini SUV, the Casper, in September 2021. In 2023, sales totaled 124,080 following the launch of the Ray EV equipped with a lithium iron phosphate, or LFP, battery.
But sales fell back below 100,000 starting in 2024 and dropped to a record low last year.
Analysts cited factors including a lack of new models and production delays. In South Korea, no new mini-car model has been launched since the Casper in 2021 and the Ray EV in 2023.
The discontinuation of the once-popular Chevrolet Spark and a stronger consumer preference for SUVs as camping and other leisure activities spread also weighed on demand.
Still, sales are trending higher this year as high interest rates and inflation, along with rising vehicle prices, push more buyers toward smaller cars. Mini-car sales in January totaled 8,211 units, up 10.9% from the same month a year earlier.
With production delays persisting, demand appears to be shifting to the used-car market. Kaizu Data Research Institute said four mini cars were included in its top 10 list for used-car transactions in January.
The Kia Morning ranked No. 1 with 3,841 transactions, followed by the Chevrolet Spark (3,149; No. 3), the Kia New Ray (2,877; No. 4) and the Ray (2,044; No. 8).
* This article has been translated by AI.
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