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Sales in South Korea rose 2% in February

According to preliminary wholesale data released by companies individually, domestic sales of the five major automakers in South Korea together increased by 2% to 103,274 units in February 2022 from 101,356 units a year earlier.

The data did not include sales of low-volume commercial vehicle manufacturers in South Korea, such as Tata-Daewoo and Edison Motors, as well as sales of imported cars, which will be reviewed in a separate report later this month.

Most automakers said they improved the supply of semiconductors last month, which helped boost overall output and sales. Domestic vehicle market activity has also begun to normalize following a delay in the recent rise in corovirus infections in the country.

The two largest domestic manufacturers, Hyundai and Kia, reported moderate increases in domestic sales last month, from 2% to 53,010 units and 5% to 39,560 units, respectively, after a sharp decline in January.

Ssangyong said its sales increased by 70% to 4,540 units as operations normalized after the end of its acquisition agreement with Edison Motors. Renault Samsung saw its sales up 5% to 3,718 units, while GM Korea saw sales continue to decline by 52% to 2,446 units.

Cumulative two-month sales continued to decline by more than 9% to 197,174 units from 217,626 in the same period last year, reflecting a 19% decrease in January.

Global sales of the country’s top five automakers, including cars manufactured by Hyundai and Kia overseas, rose 4% to 567,181 units in February from 544,823 units a year earlier, after falling 11% in January from semiconductor and tight semiconductor units. . Delay from the release of the latest Covid. Cumulative two-month global sales fell again by 4.5% to 1,096,029 units from the previous 1,147,933.

Overseas sales recovered by almost 5% to 465,907 units in February from 443,467 a year earlier, helped by strong demand in Europe, the Middle East and the US. In the first two months of the year, overseas sales were down more than 3% to 898,855 units from the previous 930,338 units, reflecting a 10% decrease in January.

Hyundai Motor Global sales rose 1.4% to 304,613 vehicles in February 2022, up from 300,514 the previous year, the first annual increase in eight months as semiconductor inventories improved. Both domestic and overseas sales performed positively last month, helped by strong demand for models such as the Ioniq 5, Stavia MPV and Genesis GV60 Electric. In the first two months of the year, global sales were still down 5.5%, from 587,269 units to 621,582 a year earlier, after a 12% decline in January.

Domestic sales rose 1.7% to 53,010 units last month from 52,102 a year earlier, while two-month sales were still down 11% to 99,215 units from 111,603 units. Overseas sales rose 1.3% to 251,603 from 248,412 units, with strong returns in Europe, the US and the Middle East, while sales in the first two months of the year fell more than 4% to 488,054 from 509,979 units.

Hyundai expects its global sales to grow by more than 11% to 4,323,000 vehicles by 2022, driven by a 13.5% increase in overseas sales to 3,591,000 units and a small increase in domestic sales to 732.00 units. The automaker said it “reduces the impact of business uncertainty, such as global chip shortages, by optimizing production, diversifying business strategies tailored to each region, and launching new battery models, including the electrified GV70 and IONIQ in 6 years.”

Kia Global sales grew by almost 5% to 221,152 vehicles in February, up from 211,314 a year ago, which helped boost strong demand for the new EV6 sedan and Sportage SUV, while delays caused by the global shortage of semiconductors began to ease. In the first two months of the year, its global sales fell slightly by 434,392 units from 437,047 a year ago, following a 6% drop in January.

Domestic sales rose 5% to 39,560 units from 37,583 last month, but still fell more than 3% to 76,598 units from 79,064, following an 11% drop in January. Overseas sales increased by 4.5%, from 173,731 to 181,592 units in February, while sales were unchanged at 357,373 units compared to 357,983 units.

In January, the automaker said it expects its global sales to grow by 14% to 3.15 million units by 2022, including 562,000 domestic sales and 2.59 million overseas units, helped by new models like the EV6 GT and the all-new Niro.

GM Korea Global sales fell 19% in February to 22,851 vehicles, up from 28,246 in the previous year, reflecting weak domestic and overseas sales as the automaker continued to struggle with a global shortage of semiconductors. Cumulative two-month sales fell 44% to 35,762 units before 64,371 units, after a 64% decline in January.

Domestic sales continue to decline in February, by 52% to 2446 units per year from 5098 units and by 66% to 3790 units from 11204 units. Last month, exports fell by 12% to 20,405 from 23,148 units, while cumulative volume fell by 18% and from 4,539 to 53,168 units.

GM Korea last month added a new high-specification option to its imported Traverse SUV line to boost local sales, and said it would begin importing Chevrolet Tahoe full-size SUVs and GMC Sierra pickups later this year. The spokesman confirmed that the company “is concentrating on the production of compact SUVs such as the Trax in South Korea and will import large SUVs from the US as part of its ‘double’ SUV strategy”.

In December, the company announced that it would release 10 new models of electric vehicles in South Korea by 2025, all of which will be imported from North America.

Reno-Samsung In February, its global sales increased by almost 57% to 11,513 vehicles, up from 7,344 units in the previous year, reflecting a steady strong increase in overseas sales. Global sales increased by 84% to 24,827 units, from the previous 13,496 units.

Domestic sales fell nearly 5% to 3,718 units in February from 3,900 a year earlier, but still rose more than 10% to 8,195 from 7,434 units. Exports continued to grow last month, from 7,795 units to 2,618 units a year ago, while cumulative volume increased by 174% to 16,632 units from 6,062 units as the company continued to increase supply of XM3 and QM6 SUVs in Europe.

Ssangyong Motor Global sales doubled to 7052 vehicles in February, down 2789 units from a year earlier, reflecting strong growth in domestic and overseas sales. Cumulative two-month sales increased by almost 28% to 14,592 units, from 11,437 the previous year.

Domestic sales rose 70% to 4,540 units in February from 2,673 a year earlier as confidence in the brand began after the acquisition by the company of Edison Motor was completed in January. In the first two months of the year, domestic sales increased by 13% to 9,376 units from the previous 8,321.

Exports jumped to 2,512 units from 116 units a year earlier in February and increased by 69% to 5,306 units from 3,146 units.

In January, Ssangyong began pre-ordering its first electric car, the Korando e-Motion subcompact SUV, powered by a 51 kWh lithium-ion battery supplied by LG Energy Solution.

ᲑRends Home Abroad Global
Hyundai 53 010 251603 304 613
Kia 39560 181 592 221152
GM Korea 2446 20405 22851
Reno-Samsung 3718 7795 11513
Sangyong 4540 2512 7052
all 103 274 463 907 567181
Sources: www.AsiaMotorBusiness.com from industry sources.

Sales in South Korea rose 2% in February

Source link Sales in South Korea rose 2% in February

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