South Korea June 2024: Weak sales, Hyundai back above Kia YTD

The Sonata (+38.9%) helps Hyundai reclaim the YTD leadership off Kia.

It’s another disappointing month for new car sales in South Korea with a market off -14.5% year-on-year to 137,432 in June. This includes 112,132 domestic models (-16.3%) and 25,300 foreigners (-5.4%). The year-to-date tally is down -10.7% to 796,025 including 670,373 locals (-11.8%) and 125,652 foreigners (-3.9%). Hyundai (-15.3%) lodges a 4th straight monthly win and finally upsets Kia (-13.4%) in the YTD ranking by almost 2,000 units. Genesis (-12.5%) holds 8.8% of the market this month vs. 8.5% over H1. Mercedes (-16.8%) and BMW (-23.8%) both fall faster than the market and exchange positions vs. last month at #4 and #5 respectively. Tesla stays at #6 with 3.9% share compared with 2.2% so far this year. Lincoln (+161.9%), Honda (+107.2%) and Renault Korea (+18.6%) also impress.

Model-wise, the Kia Carnival shoots up 27.4% year-on-year to land its third ever pole position after October 2020 and November 2022. In fact, contradicting the brands situation, Kia monopolises the podium in June with the Sorento (+4.7%) at #2 and the Sportage (-9.4%) at #3. The Hyundai offensive is led by the Porter (-29.5%) in difficulty at #4 and the Sonata (+38.9%) at #5. The Hyundai Grandeur (-50.5%), #1 a year ago, literally implodes at #6. Outstanding performances by the Hyundai Santa Fe (+49.1%) and Genesis GV70 (+16.5%) in the remainder of the Top 10. 

Among foreign models, the Tesla Model Y (+491%) takes control both for the month with over 3,400 sales and YTD just above 10,000. The Mercedes E Class (+18.4%) repeats at #2 ahead of last month’s leader the Tesla Model 3 (+988.8%). The BMW 5 Series (-40.9%) falls to #4 vs. #2 so far this year and over the Full Year 2023. The Mercedes GLC (+283.5%), Volvo XC60 (+75.1%) and BMW X3 (+101.1%) also make themselves noticed below.

Previous month: South Korea May 2024: Kia Sorento pulls 5th straight win, Hyundai ST1 lands

One year ago: South Korea June 2023: Hyundai Grandeur leads, Kia EV9 launches

Full June 2024 Top 30 All brands, Top 54 All domestic models and Top 50 foreigners below.