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South Korean automakers’ global car sale rises 2.5% in 2021

South Korean automakers’ global car sale rises 2.5% in 2021

South Korean automakers’ global car sale rises 2.5% in 2021

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SEOUL: South Korean automakers’ global car sale rose last year, owing to export growth that offset weak domestic demand, industry data showed on Monday.

The number of vehicles, sold globally by five local automakers that include Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong, was 7.12 million in 2021, up 2.5 per cent from the previous year.

Despite the supply disruption of semiconductors used to make cars, the global automotive sale increased last year thanks to the global demand recovery from the Covid-19 pandemic.

Hyundai Motor, South Korea’s biggest automaker, sold a total of 3.89 million vehicles globally in 2021, up 3.9 per cent from the prior year.

Hyundai’s domestic car sale declined 7.7 per cent to 726,838 units last year, but its overseas sale advanced 7 per cent to 3.16 million units.

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Hyundai said in a statement that the positive sales stemmed from strategic supply chain management despite the challenging business environment, caused by the ongoing pandemic, the chip supply issue and the fluctuated prices of raw materials.

The global automotive sale by Kia Motors, affiliated with Hyundai, came in at 2.77 million units in 2021, up 6.5 per cent from the previous year.

Kia’s local car sale reduced 3.1 per cent to 535,016 units, but the automotive sale outside South Korea expanded 9.1 per cent to 2.24 million vehicles.

Renault Samsung’s domestic car sale tumbled 36.3 per cent, but its automotive export more than tripled last year.

GM Korea’s global car sale plunged 35.7 per cent in 2021 from a year earlier, and Ssangyong Motor’s auto sale sank 21.3 per cent.

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