Seoul - South Korea's automobile industry witnessed a significant rise in sales in 2023, with combined sales of the country's carmakers surpassing 8 million units. This achievement marks a notable increase from the previous year.
According to Yonhap News Agency, five South Korean automakers - Hyundai Motor Co., Kia Corp., GM Korea Co., Renault Korea Motors, and KG Mobility - collectively sold 8,301,221 units in 2023. This represents a 7.5 percent increase compared to the previous year's sales figures. Notably, this is the first time since 2018 that combined sales have crossed the 8 million mark.
Breaking down the sales figures, industry leaders Hyundai and Kia reported sales of 4.21 million units and 3.08 million units, respectively. Hyundai's sales grew by 6.9 percent, while Kia observed a 6.3 percent increase in sales compared to the prior year.
GM Korea, the South Korean arm of General Motors Co., and KG Mobility, formerly known as Ssangyong Motor Co., also experienced growth in sales. GM Korea's sales increased by 30.3 percent, and KG Mobility saw a 2.2 percent rise in sales year-on-year.
However, Renault Korea, the South Korean subsidiary of Renault S.A., faced a decline, with sales plummeting 38.5 percent to 104,276 units. This downturn was attributed to reduced demand both overseas and in the domestic market.
The most popular vehicle model in South Korea for 2023 was Hyundai's Grandeur sedan, which sold 113,062 units. It was the only model to surpass the 100,000-unit sales mark last year.