South Korea January 2024: Kia Sorento and Hyundai Santa Fe top declining market

The new generation Santa Fe pushes the nameplate up to its highest ranking in 4.5 years.

The South Korean new car market edges down -1.3% year-on-year in January to 115,877. This is solely the fault of foreign manufacturers diving -19.4% to 13,083 whereas domestic brands are up 1.6% to 102,794. For the first time since last July, Kia (+15.5%) is the best-selling carmaker at home with a stunning 38.6% share compared with 32.5% over the Full Year 2023 and 31.6% in December. It topples traditional leader Hyundai (-12.3%) handicapped by the Asan plant, manufacturing the Grandeur, stopped operating this month. Genesis (+35.8%) surges ahead to eclipse the 10,000 monthly sales mark for the third month in a row. BMW (-28.9%) is the best-selling foreign brand again despite a ghastly loss. KG Mobility (-47.2%) fares even worse as EV subsidies were suspended at the start of the month, meaning the new Torres EVX failed to launch properly. GM Korea (+183.4%) improves on a particularly low year-ago basis with Lexus (+73.3%), Toyota (+196.6%), Mini (+94.6%), Lincoln (+383.1%) and Honda (+53%) also making themselves noticed.

In the domestic model ranking, the Kia Sorento (+101.3%) scores a third win in the past 4 months thanks to its facelift. It distances its competitor the Hyundai Santa Fe (+277.4%), up to #2 which is this generation’s best ranking and the nameplate’s highest position since September 2019 when it led the charts. The Carnival (+2.1%) and Sportage (+8%) make it three Kias in the Top 4. The Hyundai Tucson (+41.7%) is up 9 spots on December to #5 and the Genesis GV80 (+144.3%) is up three to #6 thanks to the new model. This is to be compared with #22 over the Full Year 2023. 

As far as foreign models are concerned, the BMW 5 Series (-47%) is #1 for the 2nd month running and for the 7th time in the past 10 months despite a ghastly fall. It archenemy the Mercedes E-Class (-31%) stays at #2 while the BMW X5 (+21.6%) is up 9 spots on last month to round out the podium. 5 of the next 7 models all score market defying gains, with the Mercedes GLE (+387.2%) the most dynamic followed by the Volvo XC60 (+124.6%), Mercedes GLC (+122.9%), BMW X7 (+33.4%) and Lexus ES (+16.8%).

Previous post: South Korea Full Year 2023: Hyundai Grandeur reclaims lead

One year ago: South Korea January 2023: New Hyundai Grandeur tops the charts

Full January 2024 Top 32 All brands, Top 51 domestic models and Top 50 foreign models below.