Korean carmakers do well at home in 2020, poorly overseas

[YONHAP]

Five Korean automakers reported a 12.4 percent year-on-year drop in its car sales last year.

Domestic sales were mostly better than 2019 as the government subsidized car purchases, but exports dropped dramatically.

According to sales report announced Monday by Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor, they sold a total of 6.94 million cars in 2020, a 12.4 percent year-on-year drop.

Domestically, five carmakers moved 1.6 million vehicles last year, a 4.8 percent year-on-year jump. Overseas sales came in at 5.3 million units, a 16.6 percent year-on-year drop.

Hyundai Motor, the biggest carmaker by sales in Korea, sold 3.7 million units last year, 15.4 percent fewer than the previous year. In Korea, it reported a 6.2 percent increase, while in overseas sales, which includes exports and foreign manufactured, it reported a 19.8 percent decrease.

“Covid-19 scared off global demand for cars, leading to general decrease in overseas sales,” the company said in a release Monday.

“Hyundai Motor plans to recover sales and improve profitability.”

Hyundai Motor pledged to sell a total of 4.16 million cars this year, 741,500 units of which will be sold in Korea and the rest overseas.

Kia Motors posted a 5.9 percent year-on-year drop last year, selling 2.6 million vehicles.

In Korea, it sold 552,400 units, a 6.2 percent jump, while in overseas market, it sold 2.05 million units, which is 8.7 percent fewer.

Kia Motors said Monday it will sell a total of 2.92 million units this year, 535,000 units of which will be sold domestically.

GM Korea delivered 82,954 units last year in Korea, an 8.5 percent year-on-year jump. Overseas slipped by 16.2 percent, with 285,499 units delivered.

Renault Samsung Motors posted a 34.5 percent year-on-year drop last year, selling 177,450 units as the Korean unit of the Renault-Nissan-Mitsubishi Alliance couldn’t find a replacement for its contract production of the Nissan Rogue, which ended in March.

It sold 95,939 units in Korea, which is 10.5 percent more than the previous year, but its exports nosedived by 77.7 percent last year.

SsangYong Motor posted negative growth both at home and abroad. It recorded a 18.5 percent year-on-year drop in the domestic market, selling 87,888 units, and a 28.8 percent year-on-year drop in exports, delivering 19,528 units.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]