Hyundai Motor, Kia's combined China sales fall below 10,000 units in Sept.
Hyundai Motor and Kia's combined retail sales in China fell below 10,000 vehicles for the first time this year in September amid sluggish demand, industry data showed Sunday. Hyundai Motor's sales plunged 47 percent on-year to around 4,000 units last month, while Kia's dropped 31 percent to 5,000, according to a Hana Securities report based on China Passenger Car Association (CPCA) data. Their…
In September, combined retail sales of Hyundai Motor and Kia in China dipped below 10,000 vehicles for the first time in 2023, according to industry data shared on Sunday. Hyundai Motor's sales plunged 47 percent year-on-year to around 4,000 units, while Kia's sales declined 31 percent to 5,000 units, as reported by Hana Securities based on China Passenger Car Association (CPCA) data.
Their joint sales fell by 39 percent to approximately 9,000 units, marking a significant drop in market share from over 10 percent in the mid-2010s to just 0.6 percent. Despite launching electric vehicles tailored to the Chinese market, the automakers have struggled to rejuvenate sales. Hyundai's electric SUV Elexio sold a mere 251 units in the first nine months of the year, contrasting with 1,216 units in the last three months of 2022. The Ioniq V, Hyundai's first China-specific model, sold 558 units in September.
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