Korean carmakers, Hyundai and Kia have reported a growth in sales in March from the prior-year period. Hyundai Motor Company sold 375,924 units in March globally, up by 22.4pc from the previous year, while global sales by Kia Motors stood at 251,362 units in March, up by 8.6pc from March 2020.
Hyundai states global sales are gaining momentum amid improving consumer demand. Kia notes that despite a tough business environment, it is planning to steer through the situation by focusing on implementing its mid-to-long-term business strategy called ‘Plan S’.
Sales in Korea
Hyundai’s sales in Korea were at 73,810 units, up 2.2pc from the same month last year. Sales in March increased 41.7pc from February levels. In March, Kia Corporation sold 51,011 units in Korea, almost flat compared to 51,008 units last year. Kia is planning to increase the sales momentum by introducing new models even for its EV segment.
Sales outside Korea
Hyundai sold 302,114 units overseas, up 28pc in March from the previous year. Asia Pacific, India, the Americas, and Russia became leading sales regions. Kia announced a rise of 11pc in overseas sales to 200,351 units in March from the preceding year. The company says sales were driven by its strong SUV line-up and subcompact sedan.
Key auto markets are recovering, according to Kia. Steady sales in India helped push total global sales higher, said the company.
Strong sales reported by major car manufacturing companies would only instill confidence in the downstream manufacturers, including steel, aluminum, zinc among others, depending heavily on the auto sector’s consumption.