South Korea’s domestic market continued to face challenges in November, with total sales declining by 6.4% year-over-year to 123,793 units. High interest rates and rising vehicle prices weighed heavily on consumer demand. Despite the slowdown, the Kia Sorento maintained its position as the best-selling model, while the Hyundai Santa Fe reclaimed the second spot in the rankings.
Kia: Sorento Leads the Way Amid Modest Decline
Kia sold 48,192 units in November, marking a 4.2% decrease compared to last year. Despite the decline, the Sorento once again secured the top position in the domestic market with 10,434 units sold. This marks the second consecutive month that the Sorento has exceeded 10,000 units—a rare achievement in the current market.
- Carnival: Ranked third overall with 7,516 units sold, showcasing its steady demand in the multi-purpose vehicle segment.
- Seltos and Ray: Rounded out the top 10, with 4,887 and 4,753 units sold, respectively.
Kia’s sedan lineup, however, faced challenges. The K5 recorded only 2,645 units, falling behind Hyundai’s Sonata, while the K8 and K3 struggled to gain traction in a competitive market.
Hyundai: Santa Fe Returns to Form
Hyundai Motor retained its market leadership with 52,219 units sold in November, although this represented a 14.6% decline year-over-year. The brand’s performance was bolstered by strong showings from key models.
The Hyundai Santa Fe Hybrid, despite a 13.7% year-over-year drop in sales, reclaimed the second spot in the overall rankings. Its enduring popularity highlights its strong foothold in the SUV market.
Sonata Surges Forward
The Sonata saw a remarkable increase in sales, with 6,658 units sold—a 36.0% jump compared to the same period last year. This growth was fueled by the popularity of its taxi models, which accounted for 2,339 units. Excluding taxi sales, the Sonata’s 4,319 units still comfortably outpaced the Kia K5.
- Tucson: Achieved 5,583 units, ranking sixth overall and outperforming its competitor, the Kia Sportage.
- Avante (known as Elantra in overseas markets) and Grandeur (known as Azera in overseas markets): Maintained strong sales with 5,452 and 5,047 units, respectively.
EV Market Challenges Persist
Both Hyundai and Kia faced difficulties in the electric vehicle (EV) segment, reflecting broader market challenges. Hyundai’s Ioniq 5 recorded just 1,252 units sold, while the Porter 2 Electric posted 1,268 units—both significantly below last year’s averages. Similarly, Kia’s EV lineup saw declines, with the EV6 and EV9 experiencing sharp year-over-year drops. However, the newly launched Kia EV3 showed promise with 2,284 units sold.
Market Trends and Outlook
The November sales figures underscore the pressures facing the domestic car market. While high interest rates and vehicle prices continue to challenge overall demand, models like the Kia Sorento and Hyundai Santa Fe demonstrate the enduring appeal of SUVs. As the year comes to a close, automakers will likely focus on competitive pricing and new model launches to counteract the slowdown and drive momentum into the new year.