South Korean automakers, Hyundai and Kia both reported growth in sales in January from the previous year. Hyundai sold 319,959 units in January globally, up by 1.6pc from the year prior while Kia Motor’s global sales rose by 2.5pc to 319,959 units.
Sales in Korea
Hyundai sold 59,501 units in the home country, up by 25pc from the previous year. Sales in January 2020 were fewer on the back of Lunar New Year holiday. Compared to the prior month, sales in Korea fell by 13.1pc.
Kia sold 41,481 unit in Korea, up by 12pc from a year ago. The company said that brisk sales of SUVs and sedans continued to support home market sales.
Sales outside Korea
Hyundai sold 260,458 units overseas, down 2.5pc in January from the previous year. Sales is down 15.1pc from the prior month. Kia Motors’ overseas sales is up 0.6pc to 184,817 units in January from the prior year. Kia reported strong sales driven by the company’s strong SUV line-up.
Kia is focused on achieving 2021 sales target of 2.92mn units. Hyundai will focus on sales recovery to achieve its annual global sales target of 4.16mn units.
Hyundai notes that despite the slowdown in global economy due to the COVID-19 pandemic, sales in major regions, including the Americas, Asia Pacific and Russia, are gradually improving.
Strong sales reported by major car manufacturing companies would only instill confidence in the downstream manufacturers including steel, aluminium, zinc producers that heavily depend on auto sector’s consumption.