Last month, the combined domestic and overseas sales of the five domestic automakers turned negative as overall performance weakened. Industry watchers said electric vehicle sales fell with the end of the U.S. Inflation Reduction Act (IRA) benefits, and the lack of new model launches on the market also weighed.
On the 1st, Hyundai Motor, Kia, Renault Korea, GM Korea and KG Mobility said the five companies sold 668,991 vehicles at home and abroad last month, down 3.2% from 691,810 a year earlier. The figure was worse than in October, when they were hit directly by U.S. tariff measures, at 672,005.
The overall decline was driven by weaker overseas sales. The five companies sold 568,752 vehicles overseas in October, but that fell by more than 10,000 to 552,138 in November. It was also down from the same month a year earlier (567,618). In contrast, domestic sales rose to 115,933, up from October's 102,364, when output fell due to fewer working days over the Chuseok holiday.
By company, Hyundai Motor saw sales fall both at home and abroad. Hyundai sold 61,008 vehicles in Korea in November, down 3.4% from a year earlier. Overseas, it sold 288,499 vehicles, down 2.2% on-year. By sedan, the Grandeur (6,499) led sales, while in the sport utility vehicle (SUV) category, the Palisade (5,124) sold the most.
A Hyundai Motor official said, "We will strengthen our sales and production systems to align with local demand and policies," adding, "We will maintain sales of hybrid vehicles and increase market share by launching competitive new models."
Kia also sold 262,065 vehicles in November, down 0.8% from a year earlier. It sold 47,256 vehicles in the domestic market, down 1.6% on-year, and 213,889 overseas, down 0.8%. By model, the Sportage led global sales with 49,351, followed by the Sorento at 25,282 and the Seltos at 22,293.
Among the three mid-sized players, KG Mobility was the only one to post export growth. KGM sold 8,971 vehicles last month, up 1.4% on-year, including 3,121 domestically and 5,850 for export. A KGM official said, "Exports increased as sales rose in Türkiye and Hungary." By model, sales of eco-friendly vehicles increased, including 1,163 Korando and 853 Torres EVX.
Both GM Korea and Renault Korea saw declines in domestic and overseas sales. Renault Korea sold 4,649 vehicles last month — 3,575 domestically and 1,074 for export — plunging 69.4% on-year. The decline was attributed to the lack of a mainstream new model after the Grand Koleos. The export tally included 4,304 Polestar units for Canada.
GM Korea sold 43,799 vehicles in November, down 11.7% from a year earlier. Most of its exports go to the United States, and the downward trend appears to be continuing. Overseas sales fell 10.4% on-year to 42,826. In the domestic market, the absence of new models and other factors led to a sharp 46.6% on-year drop to 973.