Korean car sales set a new monthly record in February as the brands extended their growth despite reduced incentives and a continuing high-interest-rate environment. However, electric vehicle sales were mixed by model and did not translate into a clear recovery.
According to February monthly sales reports by Hyundai, Kia, and Genesis, the three Korean automakers sold a combined 137,412 vehicles for the month, up 5% from 130,881 in the same month a year earlier.
Sales rose for a second straight month following gains in January, but growth was largely concentrated in SUVs and some internal combustion engine models. This has been interpreted as indicating that Korean automakers have secured steady demand for SUVs, while EV sales have become more volatile amid changes in the policy environment and the burden of higher prices.
Hyundai sold 65,677 vehicles in February, up 6% from a year earlier. Palisade sales rose 28% to 10,025, and Santa Fe increased 19% to 11,344, pointing to solid demand in the midsize and large SUV segments. Tucson, the company’s top-selling model, also rose 6% to 17,277. In contrast, the Sonata sedan fell 27% to 3,909, and the Santa Cruz pickup dropped 22%.
In EVs, the Ioniq 5 rose 33% to 3,239, while the Ioniq 6 plunged 77% to 229. The Ioniq 9 posted 505 sales.
Kia sold 66,005 vehicles in February, a 4% increase from the same month a year earlier. Telluride jumped 37% to 13,198, the strongest gain among its models, while Carnival rose 31% to 5,805 and the K5 increased 21% to 6,053. Sportage also climbed 6% to 13,901. EV sales declined, with EV9 down 40% to 819 and EV6 down 53% to 600.
Genesis sold 5,730 vehicles in February, up 3% year over year. GV70 rose 24% to 2,615 and led the brand’s performance, while GV80 increased 2% to 1,590 and GV80 Coupe sales rose 11%. EV sales remained weak, with GV60 EV down 85% to 34 and GV70 EV down 93% to 13.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
