
Domestic sales by South Korea’s five largest automakers combined fell by 11% to 112,729 units in October from 126,660 units a year earlier, according to preliminary data released individually by the vehicle manufacturers.
The data did not include sales by the country’s low volume commercial vehicle manufacturers, such as Tata-Daewoo and Daewoo Bus Corporation, which typically account for up to 2% of the domestic vehicle market.
Also not included in the data were sales of imported vehicles, which exceeded 12% of the total vehicle market last year. These will be covered in a separate report when the data is released later in the month.
October’s decline reflected fewer working days during the month compared with last year, due to ex10ded Chuseok annual holidays, and followed strong growth in the previous few months.
The holidays were longer than usual this year and affected the sales performances of all automakers with some production and delivery brought forward into September. Hyundai still managed to post a more than 12% gain last month, reflecting strong demand for the new Kona small SUV, while Kia reported a more than 10% decline; GM Korea -54%; Renault-Samsung -46%; and Ssangyong -22%.
In the first 10 months of the year, domestic sales were slightly lower at 1,277,423 units compared with 1,278,906 units in the same period of last year.
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By GlobalDataGlobal sales by the country’s ‘big five’ automakers, including vehicles produced overseas by Hyundai and Kia, fell by 10% to 690,326 units in October from 766,944 units a year earlier – reflecting lower domestic and overseas sales.
Global sales in the first 10 months of the year were 5.9% lower at 6,690,075 units compared with 7,106,199 units previously.
Overseas sales, including vehicles produced overseas by Hyundai and Kia, fell by 9.8% to 577,597 units last month from 640,284 sales a year earlier – as sales in the US and China continued to weaken. In the first 10 months of the year, overseas sales were 7.1% lower at 5,412,650 units, from 5,826,884 units previously.
Hyundai and Kia hope an improvement in diplomatic relations between South Korea and China will help improve sales in the world’s largest vehicle market in coming months.
Hyundai Motor‘s global sales fell 4.2% to 394,078 units in October from 411,499 units a year earlier on weaker overseas sales. In the first 10 months of the year the brand’s global sales were down by 5.8% at 3,663,103 units from 3,890,567 units previously.
Domestic sales continued to expand in October, by 12.3% to 53,102 units from 47,186 units a year earlier, helped by the recent launch of the popular Kona subcompact SUV. Cumulative 10 month domestic sales were more than 14% higher at 571,683 units compared with 499,849 units a year earlier.
Hyundai’s overseas sales continued to decline last month, however, by 6.4 % to 341,066 units from 364,263 units a year earlier, despite the roll out of the Kona in overseas markets. The company continued to struggle with weak demand in the US and declining volumes in China.
In the first 10 months of the year, the company’s overseas sales were 8.0% lower at 3,091,420 units compared with 3,360,375 units previously.
Kia Motors‘ global sales fell by 10.4% to 231,275 units in October from 258,176 units a year earlier, reflecting weaker domestic and overseas sales. In the first 10 months of the year, global sales were 6.6% lower at 2,242,972 units compared with 2,400,772 units in the same period of last year.
Domestic sales fell by 6.3% to 37,521 units last month from 40,034 units a year earlier, despite the recent release of the Stonic small SUV, with volume held back by last month’s longer than usual annual holidays. In the first 10 months of the year, domestic sales were 2.4% lower at 426,041 units from 436,494 units a year earlier.
Overseas sales fell by more than 11% to 193,754 in October from 218,142 units a year earlier, mainly reflecting weaker sales in the US and China. Cumulative 10 month overseas sales were still 7.5% lower at 1,817,032 units compared with 1,964,277 units in the same period last year.
GM Korea‘s global sales fell by close to 38% to 34,535 in October, from 55,269 units a year earlier, reflecting a sharp decline in both domestic and overseas sales. In the first 10 months of the year built-up vehicle sales were down by almost 11% at 436,515 units compared with 489,842 units a year earlier.
The data did not include exports of knocked down (KD) kits for assembly overseas which are substantial.
Domestic sales continued to plunge last month, by over 54% to 7,672 units from 16,736 units a year earlier, with most major models under pressure from rising competition from Hyundai and Kia. Year to date domestic sales were almost 24% lower at 110,176 units from 144,726 units previously.
CBU exports fell by more than 30% to 26,863 units in October compared with 38,533 units a year earlier and were down by 5.4% year to date at 326,338 from 345,116 units previously.
Renault-Samsung‘s global sales fell by close to 30% to 19,694 vehicles in October from 27,968 units a year earlier. The decline reflected sharply lower domestic and overseas sales after exceptionally strong growth in the previous month. Global sales in the first 10 months of the year were still up by 8.7% at 224,534 units from 206,627 units previously.
Domestic sales continued to fall sharply in October, by more than 46% to 7,110 units from 13,254 units a year earlier, reflecting strong competition from Hyundai and Kia as well as the prolonged annual holidays during the month.
The company responded to the decline in domestic sales in recent months with the launch of a petrol version of the QM6 flagship SUV and an upgraded SM5 sedan in September.
October’s sharp decline pushed year to date sales into negative territory, with 10 month volumes down 2.6% at 82,300 units compared with 84,458 units a year earlier.
CBU exports fell by more than 14% to 12,584 units in October from 14,714 a year earlier, after a sharp increase in the previous month on strong overseas demand for the SM6 flagship sedan and QM6 SUV. In the first 10 months of the year, exports were still 23% higher at 142,253 units from 115,351 units previously.
Ssangyong Motor, majority owned by India’s Mahindra & Mahindra, reported an almost 22% fall in sales of built up vehicles to 10,744 units in October compared with 13,728 units a year earlier, reflecting weaker domestic and overseas sales.
In the first 10 months of the year, global sales were 6.4% lower at 117,395 units, compared with 125,411 units previously.
Domestic sales fell by close to 22% to 7,414 units last month from 9,450 units a year earlier, although cumulative 10 month sales still 3.3% higher at 90,591 units from 87,657 units previously.
CBU exports dropped by more than 22% to 3,330 units from 4,278 units a year earlier and by more than 28% to 30,134 units year to date from 42,032 units. The company hopes the launch of the G4 Rexton in Europe and the Middle East will help reverse this decline in the fourth quarter.
Sources : www.AsiaMotorBusiness.com, industry sources. * excludes CKD exports