Renault Korea’s new hybrid SUV Grand Koleos models are showcased at the Busan International Mobility Show on June 27, 2024. (Image courtesy of Yonhap)
SEOUL, July 1 (Korea Bizwire) –Renault Korea Motors Co., the South Korean arm of Renault S.A., reported a notable 23.4% increase in its June sales, driven by a significant rise in exports.
The company announced on Monday that it sold 9,002 vehicles last month, a considerable jump from the 7,297 units sold in the same period last year.
Exports played a pivotal role in this surge, with overseas shipments climbing 24.8% to 6,961 units from 5,576 units a year earlier. Domestic sales also saw a modest increase, rising 6.9% to 1,901 units.
Notably, Renault Korea exported 6,082 units of the Arkana model and 879 units of the QM6 model in June.
This positive momentum comes on the heels of Renault Korea’s unveiling of the Grand Koleos, an ambitious new hybrid SUV and the company’s first new model in four years.
The Grand Koleos launch is part of a strategic effort to revive sales in the South Korean market, where the company has faced challenges in recent years.
This undated file photo provided by GM Korea shows the Trax Crossover. (Yonhap)
In contrast, GM Korea Co., the South Korean subsidiary of General Motors Co., experienced a 1.9% decline in June vehicle sales, impacted by weak domestic demand. The company sold 48,860 vehicles last month, down from 49,831 units in the previous year.
Domestic sales for GM Korea plummeted by 63.2%, totaling just 1,901 units. However, this decline was partially offset by a 5.1% rise in exports, which reached 46,959 units.
Despite the downturn in June, GM Korea’s overall performance in the first half of the year has been strong. From January to June, the company sold 269,422 vehicles, marking a 25.7% increase from the same period last year and the highest six-month sales figure since 2017.
One of the standout performers for GM Korea has been the Trax Crossover compact SUV, which saw a 32.8% year-on-year sales increase last month, with 31,436 units sold.
As Renault Korea leverages its robust export growth and new product launches to overcome local market hurdles, GM Korea faces the challenge of boosting domestic demand while maintaining its export strength.
Both companies are navigating the complex dynamics of the South Korean automotive market, aiming to balance local and international sales amidst fluctuating economic conditions.
Kevin Lee (kevinlee@koreabizwire.com)
