SEOUL, Sept. 7 (Korea Bizwire) — With Hyundai Motor Co. and affiliate Kia Corp.’s sedan sales plunging to a new low, South Korea’s automobile market is now being driven by SUV sales.
Data from the month of August showed that sedan and hatchback sales accounted for a mere 33.9 percent (31,179 vehicles) of all car sales. SUV sales, in contrast, accounted for 47.9 percent of total sales (44,055 vehicles).
Accumulated sales from January to August showed that sedan sales accounted for 40.6 percent (350,841 vehicles), SUV sales 41.5 percent (358,504 vehicles), and compact vehicles 15.4 percent (133,529 vehicles).
It is the first time that sedan sales have dipped below SUV sales since Hyundai and Kia merged in 2000. Sedan sales of both companies reached a new low since 2002 (39.4 percent) and 2003 (38.7 percent).
“The introduction of smaller SUVs has broadened the market. Technological advancement is allowing not only compact vehicles but also SUVs to be redesigned as eco-friendly models,” an industry source said.
“With the rising demand for vehicles and a comfortable residential space amid the pandemic, SUVs are expected to lead the market for some time.”
M. H. Lee (firstname.lastname@example.org)