In September 2024, South Korea's domestic new car market decreased by 0.9% year-on-year, with total sales of 105,448 units. Rising prices and interest rates, as well as the Mid-Autumn Festival holiday and supplier strikes, affected new car sales.
Hyundai Motor's domestic sales increased by 3.5%, while global sales fell by 3.7%. Kia Motors' domestic sales dropped by 13.6%, with its market share declining to 36.2%. Renault Korea's domestic sales surged by 203.5%, capturing a 4.8% market share. KGM's domestic sales grew by 11.5%, but global sales plummeted by 43.7%. GM Korea's domestic sales fell by 25.6%, but it achieved growth in overseas markets.
The imported car market performed strongly, with total registrations up 10.1% year-on-year. Luxury brands such as Mercedes-Benz and BMW recorded double-digit growth, while Tesla accounted for 5.4% of the market share.
South Korean automakers showed divergent performances in the global market, and they need to accelerate their new energy vehicle strategies in the future.
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