Automotive Companies 2023 Performance Overview
In 2023, Hyundai achieved a remarkable growth with a 46% increase in global vehicle sales, driven by strong domestic and international markets, particularly in EVs. Kia followed with a 7% rise, though South Korea saw a market share decline despite new model launches due to stiff competition. Ssangyong KG (now KG Mobility) faced challenges domestically but rebounded through exports, benefiting from a strategic partnership with Chery. Renault Korea saw sales double, bolstered by the success of its hybrid SUV line and collaborations with Geely, while also focusing on expanding its EV portfolio.
This summary captures each company’s key performance highlights, emphasizing Hyundai’s growth, Kia’s mixed market dynamics in South Korea, Ssangyong KG’s recovery through exports, and Renault Korea’s expansion into hybrids.
