South Korea March 2023: Hyundai Grandeur (+63.8%) returns to #1, sales up 21.1%

The Hyundai Grandeur is the best-selling vehicle in South Korea in March.

The South Korean new light vehicle market soars 21.1% year-on-year in March to 164,766 units. This includes 140,926 local manufacturers (+26.8%) and 23,840 foreigners (-4.3%). That’s a 85.5% market share for local brands. Keep in mind March 2022 was down -19.2% on the year prior. Over Q1 2023, the market is up 15.9% to 429,033 including 367,334 locals (+19.1%) and 61,699 foreigners (-0.1%). Hyundai (+46.9%) surges ahead to lodge a fourth consecutive month in pole position, a safe distance *(over 8,600 sales) above Kia (+18%). Genesis (+17.6%) is above the 10,000-unit mark for the first time this year and holds 7.7% of its home market in third place. Ssangyong, which changed its name to KG Mobility (+74.5%) soars and marks its first month above 8,000 units since December 2020. The Top 2 foreign manufacturers, Mercedes (-25.5%) and BMW (-17.2%) miss out on the market growth and post very disappointing results. Below, Lexus (+148.4%), Audi (+95.7%) and Volvo (+64.7%) stun.

Over in the local models ranking, the Hyundai Grandeur (+63.8%) reclaims the top spot for the 2nd time this year thanks to the new generation. The Grandeur nameplate is above 10,000 units for the first time since November 2020, as the hybrid version accounts for 5,355 units or 49% of its March volume. The Hyundai Porter (+118.4%) drops to #2 with the EV representing 28% of its sales for the month. In fact, strikingly the entire Top 8 outrace the market. The Hyundai Avante (+70.1%) is the most dynamic thanks to its facelift, followed by the Kia Carnival (+69.1%), Bongo (+47.7%), Sorento (+26.8% thanks to its hybrid variant at 66% of its volume) and Sportage (+22.3%). The KG Mobility Torres breaks its volume record for the second time this year at 6,595, this is also the highest monthly volume delivered by a Ssangyong/KG Mobility model. At #10, the Hyundai Kona (+532.5%) enjoys the benefits of its new generation.

Among foreign models, the Mercedes E-Class (-31.2%) returns to #1 for the first time this year despite freefalling year-on-year. The BMW 5 Series (-2.2%) is relegated to 2nd place above the Mercedes S-Class (-24.6%) in difficulty but still #3. The Tesla Model Y (+101500%) surges up to #4 above the Lexus ES (+127.4%) also in fine shape as are the Audi A6 (+167.8%) and Volvo XC60 (+370.5%). The Porsche Cayenne (+55.5%) closes the Top 10 in very solid fashion.

Previous month: South Korea February 2023: Hyundai Porter and Hyundai Grandeur top market up 19.7%

One year ago: South Korea March 2022: Kia leads, now #1 year-to-date in market off -19.2%

Full March 2023 Top 32 All brands, Top 54 local models and Top 50 foreign models below.