This photo, provided by Hyundai Motor Group, shows the group’s headquarters in southern Seoul. (Image courtesy of Yonhap)
SEOUL, Dec. 1 (Korea Bizwire) — South Korea’s five major automakers reported another month of declining global sales in November, underscoring continued weakness in both domestic demand and overseas markets amid a broader economic slowdown.
Hyundai Motor, Kia, GM Korea, Renault Korea and KG Mobility sold a combined 668,991 vehicles worldwide last month, down 3.9 percent from a year earlier, according to company data released Monday. KG Mobility was the only automaker to post year-on-year growth, inching up 1.4 percent.
The retreat marks the second consecutive month of declining sales for the group.
Domestic Sales Sink Nearly 6 Percent
Combined domestic sales fell 5.8 percent to 116,602 units, with all five companies posting declines.
Hyundai slipped 3.4 percent, Kia 0.6 percent, and KG Mobility 5.7 percent. GM Korea and Renault Korea saw the steepest drops, with domestic sales plunging 46.6 percent and 51 percent, respectively, dragging down the overall tally.
Kia’s Sorento was Korea’s best-selling model in November with 10,047 units sold, followed by the Kia Sportage, Hyundai Grandeur, Hyundai Sonata and Hyundai Avante.
Musso EV pickup. (Image courtesy of KG Mobility Co.)
Exports Also Weaken
Overseas sales fell 3.4 percent to 552,389 units, with only KG Mobility recording an increase.
Hyundai sold 349,507 vehicles globally, down 2.4 percent. Kia’s total dipped 0.8 percent to 262,065 units. GM Korea posted an 11.7 percent slump, selling 43,799 units worldwide, with exports down 10.4 percent and domestic sales sliding dramatically to under 1,000 units. The company’s domestic decline far outpaced any impact from U.S. tariff concerns.
KG Mobility sold 8,971 units, buoyed by a 5.6 percent rise in exports. Renault Korea ranked last among the five for the second consecutive month, with total sales collapsing 69.4 percent to 4,649 units as both domestic and export shipments contracted sharply.
An industry official said the slowdown reflects “a combination of the global economic downturn and weak domestic demand, especially among mid-tier automakers facing a shortage of new model launches.”
Kevin Lee (kevinlee@koreabizwire.com)
