South Korea’s 5 Automakers’ February Sales Fall 4.6% From a Year Earlier

Pyeongtaek Port. [Photo by Aju Economy DB]

In February, sales by South Korea’s five automakers slipped back into decline, weighed by the Lunar New Year holiday period.

Hyundai Motor, Kia, GM Korea, Renault Korea and KG Mobility (KGM) said on Tuesday they sold a combined 602,689 vehicles last month — 95,702 in South Korea and 506,987 overseas. That was down 4.6% from a year earlier.

Hyundai reported global sales of 306,528 vehicles, down 5.1% year over year. Kia sold 247,401 vehicles, a 2.8% decline.

The companies cited fewer business days due to the holiday, along with weaker electric-vehicle sales in global markets.

Combined domestic sales for the five automakers fell 14.8% from a year earlier. KGM was the exception, posting a 38.3% increase, helped by demand for its new Musso pickup. The others all declined: Hyundai down 17.8%, Kia down 8.6%, GM Korea down 37.4% and Renault Korea down 59.0%.

Overseas sales fell 2.3%. Renault Korea rose 55.4%, while the other four automakers reported declines.

The best-selling model in South Korea in February was Kia’s Sorento with 7,693 units. It was followed by Hyundai’s Porter (4,634), Hyundai’s Sonata (4,436), Kia’s PV5 (3,967) and Hyundai’s Grandeur (3,933).

* This article has been translated by AI.

Oh Jooseok farbrother@ajunews.com