Hyundai Dominates Korean Market as Rivals Struggle
23 September, 2019
Hyundai has dominated the domestic car market so far this year, while the country's smaller carmakers -- GM Korea, Renault Samsung and Ssangyong -- continue to struggle.
According to the Korea Automobile Manufacturers Association on Sunday, six of the top ten selling cars from January to August this year were Hyundais and the remaining four made by affiliate Kia.
Hyundai's Porter pickup truck recorded the highest sales with 70,422 fueled by discounts and promotions for the current model before the new one comes out later in the year. Pickup trucks are mostly popular among small business owners, who prefer cheaper and older models to pricey new ones.
Hyundai's Grandeur sedan came in at No. 2 with 65,091 units sold, followed by the Sonata (64,755), Santa Fe SUV (58,339) and Carnival van (44,134).
Hyundai and Kia's combined market share stands at over 70 percent in the domestic market. Ssangyong, Renault Samsung and GM Korea all failed to sell even 30,000 of their respective top-sellers, the Rexton Sports (28,121), QM6 (25,614) and Spark (22,698).
Compared to last year, Korea's auto market shrank about four percent with 1.15 million cars sold.
"If consumers only buy certain models, the market shrinks and goes into a vicious cycle where consumer choices become even more limited," said Lee Hang-koo at the Korea Institute for Industrial Economics and Trade.
Source:
TAG(s):