Midsized carmakers post sluggish sales in S. Korea amid lack of new models

Seoul, Oct 26 (IANS) South Korea's three midsized carmakers have posted sluggish domestic sales through the third quarter of 2025, falling behind major foreign brands amid a lack of new models, data showed on Sunday.

The combined domestic sales of Renault Korea Motors, KG Mobility Corp. and GM Korea Co. came to 82,464 units as of September, according to the data compiled by auto industry tracker Carisyou, raising concerns that their annual sales may barely hover around 100,000 units this year, marking a record low.

The three carmakers' total domestic sales stood at 109,101 units in 2024, reports Yonhap news agency.

By company, Renault Korea Motors sold 40,431 units as of end-September, followed by KG Mobility with 29,969 units and GM Korea with 12,064 units.

Their performances lagged behind those of major imported brands, with BMW, Mercedes-Benz and Tesla posting domestic sales of 57,840, 48,248 and 43,637 units, respectively, over the same period.

"It is concerning South Korean carmakers' performance lagged behind Tesla, which has introduced only the Model Y here," an industry official said.

The three midsized carmakers have been gradually losing ground in the domestic market, with their combined market share standing at 7.6 percent last year, compared with 11.2 percent in 2021.

Industry watchers attributed the sluggish performance to the delayed releases of new models, noting that Renault Korea Motors, which had typically lagged behind its medium-sized rivals, posted the highest domestic sales among the three in the first nine months of the year on the back of its Grand Koleos sport utility vehicle released last year.

Meanwhile, sales of imported vehicles in South Korea rose more than 30 percent in September from a year ago, driven by strong demand for Tesla and steady sales of hybrid and electric vehicles (EVs), industry data showed.

According to the Korea Automobile Importers & Distributors Association (KAIDA), the number of newly registered imported cars totaled 32,834 units last month, up 32.2 percent from 24,839 units tallied a year ago.

KAIDA attributed the sales gain to the stable supply from some brands, new model launches and active marketing efforts.

—IANS

na/