SEOUL, KOREA - In Korea’s car market, bottom-tier players bounced back this year. In particular, Ssangyong Motor and Renault Samsung which have a small portion of the market registered more than 30 percent growth in sales so far this year.
According to industry sources on November 6, Hyundai Motor ranked No. 1 among domestic carmakers in terms of January-October domestic sales with 417,500 units, followed by Kia Motors (325,000), GM Korea (119,000), Renault Samsung (61,000), and Ssangyong Motor (54,900).
The sales ranking and market shares by company almost remained unchanged compared to a year ago. However, industry experts are paying attention to the year-to-year growth rate in sales.
Ssangyong Motor achieved the most outstanding year-to-year growth rate of 33.2 percent, while Renault Samsung posted a 30.4-percent growth, compared to Hyundai Motor’s 3.3-percent growth and Kia Motors’negative growth of 2.3 percent.
Article provided by The Korea Economic Daily