Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
GM shines as Renault, KG struggle to drive sales growth
Chevrolet Trax crossover / Yonhap
By Lee Min-hyung
General Motors (GM) Korea reported remarkable vehicle sales growth last month, while Renault Korea Motors and KG Mobility continued to display lukewarm performances during the same period.
According to data from the automakers, GM Korea sold a total of 46,269 cars here in October, up 72.6 percent from a year earlier. The company widened its winning streak by achieving monthly sales growth for 16 consecutive months.
GM’s stellar performance was driven by the continued popularity of the Chevrolet Trax crossover. The brand's Trailblazer SUV also helped propel the automaker's overall sales growth. GM sold 16,752 Trailblazer SUVs during the same period.
But other automakers, excluding Hyundai Motor and Kia, Korea's top two automakers, suffered steep sales declines.
Data from Renault Motor Korea showed that the automaker sold 5,745 vehicles last month, down 70.2 percent from a year ago. The XM3 small SUV and mid-sized QM6 SUV placed their names as the two most sought-after vehicles of the company.
The automaker hopes to rev up falling sales by running a special promotional event this month offering a super-low interest rate of 0.9 percent on installment payments.
KG Mobility also reported a sales fall of 51.3 percent during the same period, hit by production suspension and weakening consumer sentiment.
“Our exports declined, as construction is underway for the integration of our two assembly lines in Pyeongtaek, Gyeonggi Province,” an official at the company said. KG Mobility hopes to achieve a major sales rebound by diversifying its product lineups and boosting sales of its strategic models, such as the all-electric Torres EVX SUV.
Hyundai Motor and affiliate Kia reported solid sales growth last month. Hyundai sold more than 377,000 vehicles, up 9.6 percent from a year ago. Sales of Kia vehicles also increased 7.7 percent to more than 257,00 during the same period, boosted by its strong lineup of flagship SUVs, such as the Sorento and Sportage.