Combined sales of carmakers in South Korea rose over 7 percent last year to exceed 8 million units, industry data showed Wednesday.
Five automakers in South Korea — Hyundai Motor Co., Kia Corp., GM Korea Co., Renault Korea Motors and KG Mobility — sold a combined 8,301,221 units in 2023, up 7.5 percent from the previous year, according to data provided by the firms.
It marked the first time for the tally to surpass the 8 million mark since 2018.
Industry leaders Hyundai and Kia sold 4.21 million units and 3.08 million units last year, recording 6.9 percent and 6.3 percent on-year sales growth, respectively.
GM Korea, the South Korean unit of General Motors Co., and KG Mobility, formerly known as Ssangyong Motor Co., also logged 30.3 percent and 2.2 percent on-year sales gains, respectively.
Sales of Renault Korea, the South Korean unit of Renault S.A., however, plunged 38.5 percent to 104,276 units due to weakened demand both overseas and at home.
Last year’s most popular vehicle model in South Korea
was Hyundai’s Grandeur sedan, selling 113,062 units to become the sole model to surpass 100,000 units in 2023.
Source: Yonhap News Agency