Sales of South Korea's five major vehicle manufacturers have fallen year-on-year for three consecutive months, with a drop of 2.2% in July.

News on August 5, according to Yonhap News Agency, the recently released sales performance of South Korea’s five major vehicle manufacturers (Hyundai, Kia, General Motors Korea, KGM, Renault Korea) show that

1. Korean-made cars will be in July 2024. The total global sales (including complete kits) were 658,297 units, a decrease of 2.2% compared to the same period last year. This is the third consecutive month of sales decline.
2. In the domestic Korean market, the sales performance of the five major car companies is also not optimistic. Data show that local sales in July fell 4.1% year-on-year to only 110,152 vehicles. This was the sixth consecutive month of negative growth. At the same time, sales in overseas markets also fell by 1.8% to 548,145 vehicles. According to the editor's understanding, this sales decline trend is mainly affected by the temporary stagnation of electric vehicle market demand in Europe and the Asia-Pacific region, resulting in a reduction in export shipments.
3. Looking at the specific sales of each car company, Hyundai Motor sold a total of 332,003 vehicles in July, a year-on-year decrease of 1.4%; Kia Motors’ sales were 261,334 vehicles, a slight increase of 0.2% year-on-year; General Motors of South Korea’s Sales volume was 51,200 vehicles, a sharp decrease of 14.8% year-on-year; KGM (formerly Ssangyong Motors) sold 8,313 vehicles, a year-on-year decrease of 23.4%; while Renault Korea sold 5,447 vehicles, a year-on-year increase of 12.7%.
4. In addition, the report also mentioned that in the Korean domestic market, the three best-selling models are Kia’s Sorento (sales of 7,596 units), Kia Realm (sales of 7,050 units) and Hyundai’s Grandeur (sales of 6,287 units) vehicles). Although these three models have performed well in the local market, the weakness of the overall automobile market still poses a considerable challenge to the Korean automobile industry.
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