As the shortage of automotive semiconductors gradually eases, the five Korean automakers posted sales growth in November. In domestic sales, they had mixed results, but in overseas markets, they all enjoyed increased sales.
Domestic auto sales in November totaled 127,157 units, up 3.2 percent from the same month of 2021. Compared to the previous month, they grew 5.9 percent.
However, the automakers showed differences in the pace of recovery. Compared to the previous year, sales of Hyundai Motor Co., Renault Korea Motors and GM Korea contracted by 1.8 percent, 9.4 percent and 23.0 percent, respectively. Yet, Kia Corp. and SsangYong Motor saw sales grow 13.4 percent and 2.3 percent, respectively.
Compared to the previous month, sales of Hyundai Motor Co., Kia and Renault Korea Motors climbed by 0.3 percent, 21.3 percent, and 28.0 percent, respectively, while those of SsangYong Motor and GM Korea fell by 18.2 percent and 49.5 percent, respectively.
In the domestic market, Hyundai Motor sold 60,926 units in November, down 1.8 percent compared to the previous year and up 0.3 percent compared to the previous month.
GM Korea was the only one of the five automakers to post negative growth in domestic sales year over year and month over month. GM Korea’s domestic sales in November stood at 2,057 units, down 21.4 percent from the previous year and 49.5 percent from the previous month.
However, in the case of overseas sales (exports and sales of cars produced overseas), all the five companies continued to show solid growth. In particular, exports of Renault Korea Motors, SsangYong Motor, and GM Korea surged.
Hyundai Motor Co.’s overseas sales in November rose by 13.8 percent to 290,253 units, while those of Kia 15.4 percent to 252,825 units.
Renault Korea Motors, SsangYong Motor and GM Korea also rode on the export recovery trend. In November, their exports totaled 37,384 units, up 56.4 percent from the same month of 2021.
GM Korea showed the best export performance in November, making up for its sluggish sales in the domestic market. Its November exports sat at 20,803 units, up 115.4 percent from the previous year. The Buick Encore GX, which shares a vehicle platform with the Chevrolet Trailblazer, sold a total of 16,369 units, a 185.2 percent increase from the same month of last year.
Renault Korea Motors’ exports rose by 0.3 percent on year to 11,780 units. As the XM3 (export name: the Renault New Arcana) continued to enjoy popularity, 9,432 units were exported. Among them, hybrid models accounted for about half with 4,522 units. The QM6 (export name: the Renault Koleos) also contributed with its exports reaching 2,338 units, an increase of 28.6 percent compared to the same period of 2921.
SsangYong Motor also maintained its export recovery trend. Its exports in November stood at 4,801 units, up 92.0 percent from the previous year. Its sales in Hungary and Australia swelled. This is because sales of the Korando and the Rexton Sports expanded by 124.6 percent and 123.4 percent, respectively, compared to the same month of last year.
Meanwhile, Hyundai’s and Kia’s combined domestic market share in November reached 89.0 percent, up 2.5 percentage points from 86.5 percent in the previous month and up 2.2 percentage points from 87.8 percent in the same month of last year. The combined November market share of Renault Korea Motors, SsangYong Motor, and GM Korea stood at 11 percent, down 1.3 percentage points from 12.3 percent in the same month of 2021.
