Five Domestic Automakers Sell 650,000 Units in July... Domestic Sales Decline, Exports Increase (Comprehensive)

The global sales volume of five domestic automakers in July was recorded at 651,288 units, a 1.2% increase compared to the previous year. Although domestic sales in July were somewhat sluggish, exports continued to perform well following the first half of the year. Exports expanded mainly in eco-friendly vehicles, and the export value also reached an all-time high for July.

On the 1st, five domestic automakers (Hyundai Motor Company, Kia, Korea GM, KG Mobility, Renault Korea) announced that they sold 114,818 units in the domestic market in July, down 5.8% from the previous year. The total export volume of the five companies was 536,470 units, up 2.8% year-on-year.

In the domestic market, the sales decline of three companies excluding Hyundai Motor Company and Korea GM was notable. Kia sold 47,424 units (excluding special vehicles), down 7.2% from the previous year. This was due to reduced sales ahead of the launch of mid-year refreshed models for key models such as the K5, Sorento, and Carnival. Renault Korea, which has no significant new models this year, saw its domestic sales plummet by about 60% to 1,705 units.

KG Mobility Torres

On the other hand, exports continued to perform well in July following the first half of this year. Not only the export volume but also the export unit price increased, centered on eco-friendly vehicles. According to the Ministry of Trade, Industry and Energy, the export value of Korean automobiles in July was $5.9 billion, a 15% increase compared to the same period last year. This is the highest record for July in terms of value.

In overseas markets in July, Hyundai Motor Company sold 277,465 units, a 1.1% increase compared to the same period last year. Hyundai plans to target the export market by actively promoting global sales of the new Santa Fe, scheduled for release this month, and the Ioniq 6. In addition, they plan to increase market share by leading with new electric vehicles such as the high-performance electric vehicle Ioniq 5N and the second-generation Kona electric vehicle.

Chevrolet crossover being loaded for export
Photo by Korea GM

Among the three mid-sized companies, KG Mobility and Korea GM showed remarkable export growth. KG Mobility set a new monthly export record in nine years, led by the mid-size sport utility vehicle (SUV) Torres. KG Mobility exported 6,805 units in July, a 46% increase compared to the same month last year. Recently, KG Mobility has been focusing on expanding export volumes to overcome limitations in the domestic market. Last month, following the launch event of the new Torres in the European market, they also held test drive events targeting Africa, the Middle East, and the CIS.

Korea GM continued its export growth for 16 consecutive months compared to the previous year, thanks to the overseas popularity of the Chevrolet Trax crossover and Trailblazer models. Korea GM sold 36,562 units in overseas markets in July, a 66.6% increase year-on-year. The Trax crossover and Trailblazer ranked first and second, respectively, in domestic passenger car export rankings last month, demonstrating their high popularity in overseas markets.

This content was produced with the assistance of AI translation services.