Is this the start of a recession? Sales of compact cars have surged significantly.
In November, the domestic sales of five Korean automakers amounted to 127,157 units, showing a slight increase of 5.6% compared to the previous month’s 120,026 units. Sales of compact cars such as the Ray, Morning, and Casper greatly increased. Industry insiders view this uptick in compact car sales as an indicator of an economic downturn.
Kia recorded sales of 52,200 units, up 21.3% from the previous month’s 43,032 units. The sales of Kia’s compact cars rose by as much as 50% compared to the previous month. The Ray was tallied at 4,098 units, marking a 21.9% increase. The Morning saw a rise to 3,356 units, reflecting a 49.4% increase. Meanwhile, best-selling models also drove Kia’s sales as the Carnival at 7,565 units showed a 51.2% increase, while the Sorento climbed to 6,656 units, with a 29.8% increase. The Sportage also rose to 5,762 units, a 16.4% improvement over the previous month’s 4,950 units.
Hyundai recorded 49,311 units sold, a slight decrease of 0.27% compared to the previous month’s figure of 49,445 units. The Porter sold 7,020 units, down 22.2% from the previous month’s 9,020 units; however, the Avante saw a slight increase to 5,700 units, up 1.5% from 5,615 units. The Casper recorded a sale of 5,573 units, an increase of 42.6% compared to the previous month’s 3,908 units, marking the highest sales increase in Hyundai’s lineup. The Grandeur totaled 3,754 units (including 1,023 units of new GN7), which is a 19.5% drop from 4,661 units last month.
Genesis saw sales of 11,615 units, representing a 2.9% increase from 11,291 units last month. The G80 accounted for 4,224 units, marking a 37.1% increase, while the GV70 sold 2,832 units, reflecting a 17.4% rise. The GV80 was reported at 2,214 units, climbing 13.8% over the previous month’s figure of 1,945 units.
SSangYong managed to sell 6,421 units, marking a decline of 18.2% from the previous month’s 7,850 units. The Torres accounted for 3,677 units, reflecting a decrease of 22.2% compared to 4,726 units last month. The Rexton Sports recorded sales of 1,528 units, representing a decline of 26.4%, while the Tivoli sold 530 units, up from 437 units, showing a 21.3% increase.
Renault Korea sold 5,553 units, which is a 28% increase from the previous month’s 4,338 units. The QM6 accounted for 2,665 units, indicating a 32.8% rise over the previous month’s 2,007 units. The XM3, including 707 hybrid sales, totaled 2,382 units, reflecting a 54.7% increase from last month’s 1,540 units. The SM6 recorded 405 units sold, down 14.7% from 475 units last month.
Chevrolet sold 2,057 units, a significant drop of 49.5% from 4,070 units. The Trailblazer sold 758 units, down 44.3% from 1,360 units in the previous month. The Spark recorded 619 units, a 29.8% decline from 882 units in the last month. The Traverse managed 208 units sold, down 20% from 260 units last month.
In summary, the automotive industry’s landscape is shifting, driven largely by changing consumer preferences amid economic challenges.