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Korean automakers’ market share in China falls below 5% in 2017

Collected: 2018.03.02

Distributed: 2018.03.05

Source: Go Direct

South Korean automakers lost nearly 3 percent of their share in China last year amid waning appeal in the backdrop of diplomatic row and fast ascension of local brands.

According to the Korea Trade-Investment Promotion Agency on Thursday, Korean car brands sold 1.15 million units in China last year to account for 4.6 percent in the world’s largest car market, down 2.8 percentage points from a year ago.

Sales of Beijing Hyundai Motor, a joint-venture between BAIC Motor and Hyundai Motor Company, plunged 27.8 percent on year to stop at 816,000 units.

Kia Motors compact sedan K3 sold most among Korean brands with a record of 138,000 units. Hyundai Motor’s SUV model All New Tucson sold 136,000 units and China-exclusive mid-sized model Mistra 135,000 units.

Sales of SAIC Volkswagen rose 4.9 percent to 2.05 million units last year, maintaining top rank in the Chinese market. FAW-Volkswagen followed with sales of 1.95 million units, and SAIC-GM with 1.91 million units. Chinese producer Geely Automobile, the largest shareholder of Mercedes-Benz, saw sales jump 54.8 percent to 1.20 million units.

China remained the world’s biggest manufacturer and consumer of cars for the ninth year in row last year. Output rose 2.9 percent to 29.02 million units and sales up 2.8 percent at 28.88 million units.

By Lee Seung-hoon and Lee Ha-yeon

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