Sales of five Korea-based carmakers shriveled for the third consecutive month in May as exports remained halved from factory shutdowns and tepid demand under virus pandemic.

The five automakers – Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Co., and SsangYong Motor Co. – sold a combined 423,416 vehicles in May, down 36.3 percent from a year ago, according to the companies on Monday.

Domestic sales added 9.3 percent to 146,130 units on incentives and new releases, while outbound shipments plunged 47.8 percent to 277,286 units.

The country’s largest automaker Hyundai Motor delivered total 217,510 units in May, losing 39.3 percent from a year ago. Its domestic sales rose 4.5 percent to 70,810 units on brisk sales of new releases like Avante and Grandeur, but overseas sales dipped 49.6 percent to 146,700 units. Luxury brand Genesis achieved a monthly sales milestone of over 12,000 units last month thanks to robust demand for newest G80 and GV80.

Kia Motors, Hyundai Motor’s sibling, saw its sales tumble 32.7 percent on year to total 160,913 vehicles, with overseas sales retreating 44 percent to 109,732 units against a year ago. Flagship models like Sorento, K5 and Sportage drove a 19 percent jump in domestic sales.

GM Korea, the South Korean unit of the U.S. automaker General Motors Co., shipped 24,778 vehicles last month, down 39.7 percent from a year earlier as its outbound shipments slid 45.3 percent on year to 18,785 units. Domestic sales dropped 10.9 percent to 5,993 units.

Renault Samsung Motors, the South Korean operation of French carmaker Renault S.A., sold 10,571 units in Korea, up 72.4 percent on year, but its feat was erased by 83.2 percent plunge in overseas shipments of 1,358 units.

Ssangyong Motor’s May sales sank 31.9 percent to 8,254 units. Exports contracted 66.3 percent to 679 units, and domestic sales down 25 percent to 7,575 units.

Domestic demand has picked up with new releases and government subsidy programs for electric and hydrogen vehicles. But outlook for overseas sales stays gloomy with the virus spread remains threatening outside Korea and supply in excess of little demand as factory operations renewed.

The poor sales figures after equally dismal number in April suggest sharp deterioration in the income statement of automakers for the second quarter.

“Outbound shipments will likely stay sluggish until the third quarter due to poor global demand for vehicles. Three out of four cars made in Korea are shipped outside. Domestic demand cannot compensate for lost exports,” said Kim Pil-soo, a professor in automotive engineering at Daelim University.

On Tuesday, Hyundai Motor shares closed 2.5 percent higher at 102,500 won in Seoul, and Kia Motors 5.49 percent up at 36,500 won.

By Baek Sang-kyung, Park Yun-gu and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]