GM Korea Design Center in Bupyeong headquarters. (image: GM Korea)
SEOUL, Jan. 3 (Korea Bizwire) –In 2023, Renault Korea Motors, the South Korean unit of Renault S.A., faced significant challenges as its sales plummeted by over 38 percent compared to the previous year.
The company reported selling 104,276 vehicles during the year, citing weak demand for its models both domestically and internationally.
Domestic sales for Renault Korea experienced a staggering 58.1 percent decline, with only 22,048 units sold. The situation was not much better in the export market, where sales dropped by 29.7 percent year-on-year to 82,228 units.
Despite the overall downturn, the XM3 model emerged as the company’s bestseller, accounting for 77,979 units sold, followed by the QM6 sport utility vehicle and SM6 sedan models.
This photo provided by Renault Korea shows the company’s XM3 hybrid model. (Yonhap)
On the other end of the spectrum, GM Korea Co., the South Korean unit of General Motors Co., celebrated a remarkable achievement in 2023. The company announced a record-breaking sales figure of over 468,000 units, reflecting an impressive 76.6 percent increase from the previous year. GM Korea attributed this success to strong demand from overseas markets.
GM Korea’s exports experienced a substantial 88.5 percent growth, reaching 429,304 units. In contrast, domestic sales saw a more modest rise of 4.1 percent, totaling 38,755 units. The company highlighted the Trailblazer SUV and Trax Crossover compact SUV models as major contributors to its success, with both models individually selling approximately 210,000 units.
The divergent performances of Renault Korea and GM Korea underscore the varying challenges and opportunities faced by automakers in the competitive South Korean market.
While Renault struggled with sluggish demand and a sharp decline in both domestic and international sales, GM Korea thrived on strong overseas demand, achieving record-breaking sales figures and demonstrating the popularity of its SUV models.
As the automotive industry continues to evolve, these two companies navigate different paths in their pursuit of success.
Kevin Lee (kevinlee@koreabizwire.com)
