Domestic sales among South Korea’s five main automakers increased by 4.8% to 127,216 units in March, compared with 121,416 units in the same month of last year, according to data released individually by the vehicle manufacturers.
The data does not include sales of South Korea’s low volume commercial vehicle manufacturers, including Tata-Daewoo and Daewoo Bus Corporation, which typically account for less than 2% of the domestic market combined.
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The market’s positive performance last month followed a 3.4% decline in February and the industry is hoping that Bank of Korea’s benchmark interest rate cuts over the last year can help underpin the market this year. First quarter sales rose by 2.2% to 342,083 units, from 334,763 units.
Global sales among the country’s ‘big-five’ automakers, excluding knocked down (KD) kit exports, increased by 1.5% to 801,997 units in March – from 790,283 sales a year earlier. #
Overseas sales rose by just 1.1% to 674,781 units, reflecting slowing demand in emerging markets, uncertainty over the recent currency volatility and rising competition, particularly from Japan where the weak yen has strengthened the country’s exporters.
Hyundai Motor reported a 0.8% increase in global sales to 436,819 units in March, from 433,185 units a year earlier, after a 5.5% drop in the previous month. Its sluggish performance was attributed to a slowdown in emerging market growth and rising competition.
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By GlobalDataHyundai’s domestic sales increased by just 0.3% to 57,985 units in March, after dropping by 8.8% in February. Weak sales of commercial vehicles and SUVs were only just offset by higher deliveries of other passenger vehicles last month. The Sonata remained its most popular model range – boosted by strong demand for the hybrid variant.
Overseas sales, including CBU exports from South Korea and vehicles produced in overseas plants, increased by 0.9% to 378,854 units, from 433,185 units a year earlier.
Kia Motors’ global sales increased by 1.8% to 276,656 vehicles in March, from 271,710 units a year earlier, reflecting a sharp rebound in domestic demand. First quarter sales were 2.7% lower year on year at 751,162 units, however.
Kia’s home market sales increased by 8.5% to 42,305 units last month, from 39,005 units a year earlier, driven by strong demand for its SUVs and the recent introduction of the new Carnival (Sedona) MPV.
Overseas sales rose by just 0.7% to 234,351 units, driven by especially strong demand for the Sportage SUV, as well as for the K3, K5 and Pride models. First quarter volumes were 4.1% higher at 636,650 units.
GM Korea reported a 0.5% rise in domestic sales to 13,223 units in March, from 13,161 units a year earlier, helped by buoyant demand for the Trax SUV and the Orlando MPV.
CBU exports continued to fall sharply last month, by 14.9% to 41,082 units, as GM continued to reduce the global footprint of the Chevrolet brand. Total CBU sales fell by 11.6% to 54,305 units, from 61,446 units a year earlier, bringing the cumulative first quarter total to 145,271 units – down 10.9% year on year.
Renault-Samsung’s global sales jumped by 98% to 21,347 units in March, from 10,782 units a year earlier. Overseas sales almost tripled to 15,343 units – reflecting the recent launch of exports of the Renault [Nissan] Rogue.
Domestic sales increased by 7.4 % to 6,004 units, lifted by strong demand for the SM5 midsize sedan and the QM3 compact SUV. Global sales in the first quarter almost doubled to 53,761 units.
SsangYong Motor, owned by India’s Mahindra & Mahindra, reported a 19.4% increase in global sales to 12,870 units in March, from 10,782 units a year earlier.
Domestic sales rose by almost 32% year-on-year to 7,719 units, helped by the recent launch of the new Tivoli compact SUV. Overseas sales were flat at 5,151 units, reflecting weak demand in key markets such as Russia and Ukraine.
