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South Korea January 2021: Market up 19.1% on low comparison base, Kia Carnival 28 units off #1, Genesis GV70 in Top 20

The Genesis GV70 breaks into the South Korean Top 20 in January.

The South Korean new car market is up a splendid 19.1% year-on-year in January to 139.591 units, including 117.270 local models (+17.7%) and 22.321 foreigners (+26.5%). However this stunning uptick is partly related to a low comparison base a year ago because of the Lunar New Year holiday and the end of individual consumption tax benefits. Hyundai (+7.7%) and Kia (+12%) are solid but trail the market, while Genesis (+283.2%) is up almost 4-fold year-on-year thanks to an expanding lineup as we’ll see further down. GM Korea (+19.7%) outpaces the market above Mercedes (+7.8%) and a very impressive BMW (+111.1%) doubling its sales year-on-year. Further down, Porsche (+587.9%), Lincoln (+219.7%), Audi (+201.7%), Jeep/Chrysler (+48.4%) and Mini (+35.6%) shine.

Model-wise, the Hyundai Grandeur (-13.6%) remains the overall best-seller but for just 28 units above the Kia Carnival (+139.9%). It is the 2nd month in a row the Grandeur has fallen below 10.000 monthly units after spending 13 straight months above. The Hyundai Porter (+6.3%) remains in third place while the Kia Sorento (+308.7%) is up 4-fold year-on-year and rallies back up 4 spots on December to #4. The Hyundai Tucson (+281.3%) is also lifted by a new generation at #5, as are the Hyundai Avante (+148.4%) and Genesis G80 (+376.4%) below. The new Genesis GV70 now starts its career in earnest, shooting up 33 spots on December to break into the Top 20 at #18. In the foreign models ranking, the Mercedes E-Class (+14.2%) retains the top spot above the BMW 5 Series (+111%) with the Audi A6 (+240.6%) and Mercedes A-Class (+3681.8%) also posting flamboyant upticks in the remainder of the Top 5.

Previous post: South Korea Full Year 2020: Market up 5.8%, Genesis up to #3 brand, Hyundai Grandeur best-seller

One year ago: South Korea January 2020: Hyundai Grandeur #1, Genesis GV80 lands in market down a steep -14.7%

Full January 2021 Top 30 All-brands, Top 55 All local models and Top 50 foreign models below.

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