The Genesis GV80 ranks 6th overall in February.

The South Korean new car market falls an abrupt -21.4% year-on-year in February to 115,508, with local manufacturers down -20.7% to 99,271 and foreigners down -25% to 16,327. The year-to-date volume is down -12.4% to 231,385 including 202,065 domestic brands (-10.8%) and 29,320 foreigners (-22.6%). There are two reasons behind this poor performance: the Lunar New Year holiday falls in February this year and Hyundai Motors stopped production at two locations to retool for new models. As a result Hyundai sinks -33% year-on-year to 32.1% share and Kia (-12%), resisting much better, is the #1  brand at home for the second straight month. Genesis (+9.1%) defies the surrounding gloom to pass the 10,000 monthly sales milestone for the 4th time in a row. The Top 8 brands are unchanged vs. January with BMW (-4.6%) and KG Mobility (-44.8%) rounding out the Top 5 above Mercedes (-34.9%). GM Korea stuns at +77.9%, while Lincoln (+76.4%), Peugeot (+43.2%), Mini (+28.6%), Volvo (+16.2%) and Toyota (+5.9%) also post positive results.

In the domestic models ranking, the Kia Sorento (+82.7%) repeats at #1 and scores a fourth win in the past 5 months. The Kia Carnival (+32.3%) is up one spot on January to #2 while the Hyundai Santa Fe (+167%) is down one to #3 but still surges year-on-year thanks to the new generation. 72.6% of Kia Sorento sold this month are hybrid vs. 67.1% of Hyundai Santa Fe. The Kia Sportage (+22.9%) follows at #4 with the Hyundai Porter (-42.7%) imploding at #5. The Genesis GV80 (+178.1%) enjoys the benefits of a new model and breaks its all-time monthly volume record for the 2nd consecutive time, ranking at an outstanding 6th place vs. #22 over the Full Year 2023. Leader last year, the Hyundai Grandeur (-59.6%) freefalls to #9. That’s because the Asan plant, which produces the Sonata, Grandeur, and Ioniq 6, was shut down until the Lunar New Year holiday to install equipment related to the large electric SUV Ioniq 9.

As far as foreigners are concerned, the BMW 5 Series (-11.2%) towers above the competition with 2,160 sales, the only model with a four-digit figure. The Mercedes E Class (-40.9%) and BMW X5 (+42.6%) complete the podium like last month. The Volvo XC60 (+249%), Mercedes GLE (+213.5%) and Mini Countryman (+165.1%) also impress below.

Previous month: South Korea January 2024: Kia Sorento and Hyundai Santa Fe top declining market

One year ago: South Korea February 2023: Hyundai Porter and Grandeur top market up 19.7%

Full February 2024 Top 30 All brands, Top 50 all local models and Top 50 foreign models below.

South Korea February 2024 – brands:

PosBrandFeb-24%/23Jan2024%/23PosFY231Kia44,07638.2%– 12.0%188,75938.4%– 0.0%122Hyundai37,07132.1%– 33.0%275,53232.6%– 23.8%213Genesis10,5829.2%+ 9.1%321,9319.5%+ 21.5%334BMW6,0895.3%– 4.6%410,4194.5%– 16.4%445KG Mobility (ex Ssangyong)3,7483.2%– 44.8%57,5103.2%– 46.0%566Mercedes3,5923.1%– 34.9%66,5232.8%– 22.5%657GM Korea1,9871.7%+ 77.9%74,8812.1%+ 128.3%778Renault Korea1,8071.6%– 18.5%83,4521.5%– 20.4%889Volvo9610.8%+ 16.2%101,9260.8%+ 5.0%91010Lexus9190.8%– 31.6%91,9170.8%– 0.2%101211Porsche8280.7%– 26.3%121,5050.7%– 18.6%121312Mini7550.7%+ 28.6%131,2980.6%+ 49.9%131513Toyota7360.6%+ 5.9%111,5220.7%+ 58.5%111614Volkswagen4620.4%– 10.6%235150.2%– 27.8%161415Ford3060.3%– 30.3%165350.2%– 21.9%152016Land Rover2750.2%– 45.4%146150.3%– 37.2%141817Audi2680.2%– 87.8%184470.2%– 90.4%18918Lincoln2240.2%+ 76.4%155090.2%+ 173.7%172219Tesla1740.2%n/a291750.1%n/a231120Jeep1670.1%– 72.1%173800.2%– 54.9%191921Chevrolet1360.1%– 46.5%202910.1%– 52.6%201722Honda1110.1%– 31.1%192880.1%+ 25.2%212423Peugeot1060.1%+ 43.2%212070.1%+ 47.9%222124Cadillac630.1%– 3.1%221200.1%– 14.3%242525GMC200.0%– 68.3%24380.0%– 39.7%252726Maserati160.0%– 23.8%25320.0%– 5.9%262827Bentley110.0%– 82.0%26240.0%– 81.8%272628Rolls-Royce110.0%– 8.3%27200.0%– 35.5%283029Lamborghini40.0%– 77.8%28110.0%– 76.1%292930Polestar30.0%– 93.2% –30.0%– 93.2%3023 –Total local manufacturers99,27185.9%– 20.7% –202,06587.3%– 10.8% – – –Total foreign manufacturers16,23714.1%– 25.0% –29,32012.7%– 22.6% – – –Total market115,508100.0%– 21.4% –231,385100.0%– 12.4% – –

South Korea February 2024 – domestic models:

PosModelFeb-24/22Jan2024/23PosFY231Kia Sorento8,671+ 82.7%117,955+ 91.9%132Kia Carnival7,989+ 32.3%315,038+ 16.2%343Hyundai Santa Fe7,413+ 167.0%215,429+ 214.9%284Kia Sportage6,991+ 22.9%412,925+ 15.6%455Hyundai Porter6,355– 42.7%810,652– 39.8%526Genesis GV804,652+ 178.1%69,248+ 160.2%6227Kia Ray3,972– 6.9%98,102+ 3.2%898Kia Seltos3,967– 28.5%107,911– 11.3%9109Hyundai Grandeur3,963– 59.6%117,598– 59.9%10110Genesis G803,256– 24.1%126,750– 19.1%111311Hyundai Casper3,118– 1.5%156,124– 1.8%151112Kia Bongo3,077– 65.7%146,151– 51.0%14713Hyundai Tucson3,070– 13.8%58,222+ 14.2%71214Kia K52,970+ 11.9%136,306+ 21.0%132015Hyundai Staria2,878– 15.7%165,874– 7.7%161616Hyundai Palisade2,365– 33.2%214,106– 45.0%181417Hyundai Avante2,292– 63.8%76,730– 45.9%12618Kia K82,165– 48.1%175,082– 33.3%171519Genesis GV701,805– 26.9%194,037+ 11.6%192120KG Mobility Torres1,540– 68.0%223,002– 70.7%221821Hyundai Kona1,455– 54.9%203,431– 15.9%211922Chevrolet Trax Crossover1,447new183,693new202423Hyundai Sonata1,423– 36.5%311,919– 59.8%271724Kia K31,315+ 28.4%232,734+ 38.5%232925Kia Morning1,140– 44.4%262,354– 39.0%252326KG Mobility Rexton Sports994– 22.9%242,356+ 18.5%242827Kia Niro940– 50.0%252,181– 30.7%262528Renault Korea XM3905– 7.4%271,879– 5.9%283329Renault Korea QM6803– 14.4%301,380– 24.0%293130Genesis G90605– 27.5%281,373– 22.8%303031KG Mobility Tivoli551+ 62.1%291,178+ 21.2%313732KG Mobility Torres EVX400new45427new374533Chevrolet Trailblazer367– 3.4%32828+ 2.2%323634Hyundai Nexo331– 62.6%51333– 72.0%403935Hyundai Venue323– 34.3%34646– 43.2%333436Genesis G70254+ 15.5%36506– 5.8%364037Kia Mohave241– 52.2%35532– 46.0%353838Hyundai Ioniq 5224– 88.3%42263– 86.8%412739Kia K9191– 36.5%38366– 50.0%384140KG Mobility Rexton175– 33.5%37355– 11.7%394341Kia EV6155– 92.1%44184– 90.6%452642Kia EV9124new33573new343543Chevrolet Traverse117+ 37.6%39236+ 43.0%425044Renault Korea SM699– 58.9%41193– 58.1%434445Hyundai Ioniq 698– 94.0%50102– 93.8%463246KG Mobility Korando88+ 11.4%40192– 35.1%444847GMC Sierra24– 61.9%4638– 39.7%485348Genesis GV6010– 95.2%4717– 92.2%494249Chevrolet Tahoe7– 65.0%4814– 57.6%505450Chevrolet Equinox5– 90.9%4910– 91.4%5151

South Korea February 2024 – foreign models:

PosModelFeb-24/23Jan2024/23PosFY231BMW 5 Series2,160– 11.2%13,286– 27.9%122Mercedes E Class960– 40.9%21,612– 37.3%213BMW X5599+ 42.6%31,184+ 31.4%3124Mercedes C Class534– 18.6%14778– 18.5%9165Volvo XC60499+ 249.0%6901+ 179.8%6106Porsche Cayenne490– 18.2%9848– 14.4%7157Mercedes GLE486+ 213.5%51,017+ 285.2%478BMW X3451+ 11.6%7840– 26.0%8149Lexus ES432– 55.3%4988– 31.5%5610Mini Countryman387+ 165.1%25526+ 121.9%152711BMW 7 Series332+ 137.1%42419+ 81.4%192112Mercedes S Class331– 72.8%17531– 73.6%14413BMW X7298+ 52.8%8685+ 41.2%101814BMW X6298+ 43.3%13554+ 19.1%131915BMW X4295– 68.0%11613– 60.6%111316Mercedes GLC268– 13.5%10589+ 29.7%12817Lexus NX261– 16.6%15502+ 32.8%172218Mini Cooper Hatch241– 14.5%12502+ 20.7%162019BMW 3 Series235– 19.5%16442– 45.2%18920Toyota RAV4224– 42.1%20387– 3.3%212521Mercedes A Class219+ 28.1%19405+ 69.5%20n/a22BMW iX3206+ 5050.0%n/a279+ 6875.0%282823VW Tiguan195– 27.8%n/a203– 43.5%371724BMW X1190+ 1166.7%30313+ 1986.7%233825BMW 6 Series185– 71.7%29309– 70.4%241126Ford Mustang169+ 1308.3%n/a172+ 1333.3%44n/a27VW Jetta166+ 90.8%n/a175+ 101.1%42n/a28Lexus RX155n/a34271+ 8933.3%30n/a29Volvo XC40152+ 153.3%36262+ 204.7%313630Toyota Camry140+ 81.8%21298+ 27.9%25n/a31BMW i5137new18327new22n/a32Mercedes EQE126– 46.2%24279– 6.7%272333Volvo S90125– 63.0%23280– 54.0%262434Mercedes EQB125– 33.9%40218– 5.2%343735BMW 4 Series119+ 45.1%n/a178– 8.2%39n/a36Chevrolet Traverse117+ 37.6%32236+ 43.0%32n/a37Lincoln Nautilus115n/a22272n/a29n/a38Land Rover Defender98– 16.2%50172– 6.5%43n/a39Mercedes CLE94new –94new54–40Porsche 91190– 10.9%43175+ 7.4%41n/a41Mini Clubman87– 24.3%33203+ 29.3%363542Tesla Model X87n/an/a87n/a55n/a43Toyota Prius86+ 8500.0%26223n/a33n/a44Volvo XC9086– 34.8%28212– 37.6%352945Porsche Macan84+ 13.5%37191+ 45.8%38n/a46Lincoln Aviator83+ 130.6%41175+ 186.9%40n/a47Mercedes CLA83– 65.3%49157– 54.2%45n/a48BMW 2 Series Active Tourer81+ 406.3%n/a127+ 693.8%48n/a49BMW i480– 69.0%n/a138– 66.3%463350BMW i778+ 271.4%n/a120n/a50n/a

Source: Manufacturers