South Korea domestic sales drop 15% in March

Domestic sales by South Korea’s five main automakers combined fell 15% to 120,604 units in March 2024 from 141,138 year earlier, according to preliminary data released individually by the manufacturers.

The data, as usual, did not include sales by low volume commercial vehicle manufacturers while import brands will be covered in a separate report later this month.

The 15% March fall followed an 18% year on year decline in February which was blamed in large part on Hyundai production stoppages due to plant refurbishment and production line maintenance plus fewer working days due to the Lunar New Year holidays.

Hyundai and Kia last month also claimed the delayed announcement of government subsidies for battery electric vehicles (BEVs) also affected purchases in the first quarter of 2024.

In the first three months of the year, domestic vehicle sales by the mainstream manufacturers fell 12% to 322,983 units, from 367,428 a year earlier, with most manufacturers reporting declines.

Hyundai sales dropped 16% to 159,967 units while Kia volume was 3% lower at 138,394.

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By GlobalData

Read More: South Korea domestic sales drop 15% in March

2024-04-02 09:52:09

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