The New Renault Grand Koleos, a hybrid SUV launched in September (Image courtesy of Renault Korea)
SEOUL, Nov. 19 (Korea Bizwire) – The fortunes of South Korea’s three mid-sized automakers—GM Korea, KG Mobility, and Renault Korea—continue to hinge on the success of individual vehicle launches, with the pattern showing no signs of abating in 2024.
The trend began with KG Mobility (formerly SsangYong Motor) riding high on its Torres SUV in 2022, followed by GM Korea’s success with the Trax Crossover in 2023. Now, Renault Korea is carrying the torch with its Grand Koleos, demonstrating how a single model can transform an automaker’s market position.
According to data from the Carisyou research institute released on November 17, Renault Korea registered 5,337 new vehicles in the domestic market in October, outpacing KG Mobility with 4,473 units and GM Korea (Chevrolet) with 1,898 units. This represents a dramatic 272.2% surge for Renault Korea compared to the same month last year.
For the January-October period, KG Mobility maintained its leadership among mid-tier manufacturers with 41,004 total registrations, followed by Renault Korea with 22,115 units and GM Korea with 21,099 units.
In a significant market shift, Renault Korea has overtaken GM Korea in cumulative domestic registrations for the first time this year—a remarkable turnaround for a company whose domestic registrations were only one-third of KG Mobility’s volume last year.
The driving force behind Renault Korea’s resurgence is the New Renault Grand Koleos, a hybrid SUV launched in September. The company’s first new model in four years, the Grand Koleos combines popular design elements with hybrid technology, featuring the segment’s largest battery capacity at 1.64kWh and a hybrid-specific 1.5L gasoline turbo engine.
The impact of the Grand Koleos was immediate and substantial. The model recorded 1,912 domestic registrations in its launch month of September, before surging to 4,404 units in October, securing the 11th position in overall domestic registration rankings.
This success has propelled Renault Korea’s monthly domestic registrations from 1,411 units in August to 3,023 in September, before reaching 5,337 in October.
This pattern of single models driving company performance has been evident since 2022. GM Korea, despite strong exports, had struggled in the domestic market until the April 2023 launch of its Trax Crossover, a CUV combining sedan and SUV characteristics.
The Trax Crossover proved an immediate hit, selling 6,500 units within its first two months and helping GM Korea become the only mid-tier manufacturer to achieve positive growth last year.
The trend began with KG Mobility’s Torres SUV, launched in July 2022. Maintaining consistent monthly sales of around 3,900 units, the Torres helped KG Mobility secure the top position among mid-tier manufacturers with 66,635 annual registrations that year.
Industry observers credit the Torres as being instrumental in establishing KG Mobility’s market position following its transition from SsangYong Motor.
“While single models continue to sustain domestic performance for these mid-tier manufacturers, there’s a clear need to diversify their vehicle portfolios,” noted an automotive industry representative, highlighting both the success and potential vulnerability of this single-model dependency strategy.
Kevin Lee (kevinlee@koreabizwire.com)
