Hyundai, Kia keep sale target modest after ending 2020 at 9-year weakest

2021.01.05 10:32:37 | 2021.01.05 11:29:03

[Photo by Hyundai Motor Group]이미지 확대

[Photo by Hyundai Motor Group]

South Korea’s auto giant Hyundai Motor Group kept sales target for this year conservative as uncertainties remain on the external front due to resurgence of Covid-19 after ending 2020 at its weakest in nine years.

For 2021, Hyundai Motor Co. targets to sell 741,500 units at home and 3,418,500 units abroad, and Kia Motors Corp. 535,000 units locally and 2,387,000 units overseas, the two automakers said in separate disclosures on Monday.

Sales goal for this year would be gaining 11.5 percent from 2020 when they sold a total of 6,350,851 units. It was the first time for the two auto giants to see their combined annual shipments fall below 7 million units since 2011.

Hyundai Motor delivered total 3,743,514 units in 2020, down 15.4 percent from a year ago. Its domestic sales gained 6.2 percent to 787,854 units, the largest since 2002, thanks to the government’s tax breaks on car purchases, but overseas sales shriveled 19.8 percent to 2,955,660 units.

Kia Motors also saw its sales slide 5.9 percent on year to total 2,607,337 vehicles with overseas sales retreating 8.7 percent to 2,054,937 units against a year ago. Domestic sales rose 6.2 percent to 552,400 units.

GM Korea and Renault Samsung Motors offset some of the losses from overseas with domestic sales.

이미지 확대
GM Korea, the South Korean unit of the U.S. automaker General Motors Co., shipped 368,453 vehicles last year, down 11.7 percent from a year earlier as its outbound shipments dropped 16.2 percent on year to 285,499 units. Domestic sales added 8.5 percent to 82,954 units.

Renault Samsung Motors, the South Korean operation of French carmaker Renault S.A., sold 116,166 units at home and abroad, off 34.5 percent on year.

SsangYong Motor was the sole loser in Korea with sales down both in and outside Korea. Exports lost 28.8 percent to 19,528 units, and domestic sales down 18.5 percent to 87,888 units.

Domestic sales of five Korea-based carmakers totaled 1,607,035 units last year, gaining 4.8 percent on year to pass the milestone of 1.6 million units for the first time in 18 years thanks to the tax benefits and new car releases.

By Park Yun-gu and Lee Ha-yeon

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