South Korean Carmakers Record 4.3% Sales Increase in January

Seoul, South Korea

South Korean car manufacturers witnessed a 4.3% increase in sales in January, primarily driven by robust overseas demand. Industry data released on Thursday revealed that five major South Korean automakers, including Hyundai Motor Co., Kia Corp., GM Korea Co., Renault Korea Motors, and KG Mobility, collectively sold 633,236 units in the month, marking a notable rise from the previous year.

According to Yonhap News Agency, Hyundai Motor, the industry leader, experienced a 1.8% sales increase to 315,555 units. Its smaller affiliate Kia also saw a 4.2% rise in sales, amounting to 244,940 units. GM Korea, the South Korean subsidiary of General Motors, reported a substantial 165.8% increase in sales with 43,194 units. However, both KG Mobility and Renault Korea faced downturns, with sales dropping 16.4% and 81.4%, respectively. Renault Korea's exports were particularly impacted due to tensions in the Red Sea following the Israel-Hamas conflict. Domestically, Kia's Sorrento SUV emerged as the top-selling model, followed by Hyundai's Santa Fe and Kia's Carnival minivan.

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