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

Pyeongtaek Port. [Photo=Ajou Economy DB]

South Korea’s five automakers posted lower sales in February, returning to a decline as the Lunar New Year holiday reduced the number of business days.

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’s global sales totaled 306,528 vehicles, down 5.1% year over year. Kia sold 247,401 vehicles, a 2.8% decline. The companies cited fewer selling days during the holiday period, 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 only company to post growth, up 38.3%, helped by demand for its new Musso pickup. The others reported declines: Hyundai down 17.8%, Kia down 8.6%, GM Korea down 37.4% and Renault Korea down 59.0%. Overseas sales slipped 2.3%; Renault Korea rose 55.4%, while the other four companies posted year-over-year decreases.

In South Korea, the best-selling model 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