Three mid-sized automakers see mixed results, with Renault Korea topping sales thanks to new car sales - South Korea

According to the Korea Automobile Industry Association (KAMA), mid-sized automakers KG Mobility (KGM, formerly Ssangyong Motor), Renault Korea and GM Korea are expected to post a record 10% decline in sales in the January-October period of 2024.
The number of new car registrations in each country was 40,941, 22,114, and 19,820, respectively. In the same period last year, KGM had 63,953 units, GM Korea had 32,557 units, and Renault Korea had 2
The number of units sold was 16,130. The reason behind this performance is the new car effect. Renault Korea released its first new car in four years in September, a mid-size hybrid sports utility vehicle (SUV).
The new Renault Gran Koleos was launched, with 1,912 units sold in September and 4,404 units sold in October, accounting for nearly 30% of the company's sales in the January-October period.
KGM launched the Actyon SUV in August and sold 3,575 units through October, bringing total sales to 4,460, up 28.6%.
Meanwhile, GM Korea's monthly sales have been below 2,000 units since June. The company has been concentrating on exports and has not sold new cars.
The three companies plan to launch new vehicles, mainly electric vehicles (EVs), in 2025, and competition in the Korean market is expected to intensify.
An industry source said, "For the three mid-sized companies, one new car has a big impact on overall sales. Next year, new car sales of SUVs and EVs will also be
This will help boost sales numbers."