This file photo provided by Hyundai Motor shows the PORTER II truck.
SEOUL, April 7 (Korea Bizwire) — After years of decline, sales of light commercial vehicles are rebounding this year.
Hyundai Motor Co. and its affiliate Kia Corp. saw their combined sales of commercial vehicles reach 56,870 units in the first quarter of this year, up 9.1 percent from 52,127 units a year ago.
Of the total, sales of compact commercial vehicles registered a positive year to year growth rate of 8.4 percent in the first quarter of this year while those of mid- and large-sized commercial vehicles including buses and trucks jumped by 13.4 percent.
Among compact commercial vehicles, sales of Hyundai’s Porter trucks stood at 11,213 units last month with the small truck becoming the best-selling model for the first time in 13 months. This was the highest monthly sales figure since 2000.
Kia sold 7,491 Bongo trucks last month, the highest since October 2002 (8,378 units).
Some experts attributed the rebound in the sales of compact commercial vehicles to the onset of the COVID-19 pandemic.
“The commercial market is a barometer of the economic environment,” said Lee Hang-koo, a researcher at Korea Automotive Technology Institute.
“The COVID-19 crisis led to a rise in unemployment. Many people who lost jobs have no option but to become self-employed, resulting in higher demand for light commercial vehicles.”
Kevin Lee (kevinlee@koreabizwire.com)
