Hyundai Motor Company's sales are the worst in 16 years excluding 2020... Domestic sales lowest since the 2008 financial crisis

(Seoul = Yonhap News) Reporter Hong Gyu-bin = Hyundai Motor Company is experiencing the biggest sales slump in 16 years, excluding 2020 when the COVID-19 incident occurred. Domestic sales volume reached its lowest level since the 2008 financial crisis.

As a result of production disruption due to the strike, aging models, and intensifying overseas competition, Hyundai Motor Company plans to lay the foundation for a rebound by releasing new models one after another until the end of the year.

According to the industry on the 4th, Hyundai Motor Company sold 2,886,763 units in the domestic and overseas markets in the third quarter of this year (January to September), a 7.0% decrease from the same period last year.

This is the lowest sales volume since 2010, excluding 2020, when global automobile demand contracted in the aftermath of COVID-19.

Hyundai Motor Company's cumulative global sales from January to September increased each year from 2,668,696 units in 2010 to 2,949,905 units in 2011, 3,183,510 units in 2012, and 3,500,022 units in 2013, reaching a peak of 3,624,837 units in 2014.

Afterwards, it generally went downhill to 3,537,573 units in 2015, 3,464,241 units in 2016, 3,272,207 units in 2017, 3,362,756 units in 2018, and 3,229,669 units in 2019, until COVID-19 struck in 2020. It plummeted to 2,605,154 units.

And following 2,930,087 units in 2021 and 2,904,051 units in 2022, it recovered to the 3 million mark with 3,127,036 units in 2023, then recorded 3,075,720 units in 2024 and 3,105,346 units in 2025. However, this year, after four years, the number fell below 3 million units again.

In particular, Hyundai Motor Company's overseas sales from January to September were 2,438,582 units, down 5.1% from last year, while domestic sales plummeted 16.3% to 448,181 units.

Hyundai Motor Company's domestic sales from January to September have recorded 500,000 units every year since 2017, except for 2022 (496,835 units). This year, it fell below this figure by more than 50,000 units.

In addition, even including the COVID-19 period, it is the lowest level since 2008 (440,763 units). 2008 was a year in which consumer sentiment froze to the extreme due to the financial crisis.

Looking at domestic sales this year by vehicle type, recreational vehicles (RVs) recorded the largest decline, down 22.2% to 155,613 units. The flagship models, Santa Fe (-31.7%, 31,146 units), Palisade (-41.8%, 26,989 units), and Tucson (-39.0%, 24,209 units) performed poorly.

In sedans, Sonata, Ioniq 6, and Grandeur recorded double-digit growth rates, but the mid-sized sedan Avante decreased by 34.4% to 40,059 units, resulting in a 0.7% decline in overall sales.

Small commercial vehicles decreased by 15.9% and 21.6%, respectively, to 62,896 units and medium-to-large buses and trucks to 16,405 units. The luxury brand Genesis decreased by 28.9% to 62,741 units.

The industry believes that this is the result of a combination of factors such as production disruption due to this year's union strike and fire at a parts company, aging models, intensifying competition in overseas markets, and the aftermath of the war in the Middle East.

The industry estimates that the Hyundai Motors union went on strike for 60 hours during wage negotiations this year, resulting in production disruptions of a total of 55,200 units. Last March, delivery of major vehicle models was delayed due to a fire at a parts company's safety industry.

The aging of sports utility vehicles (SUVs) and Genesis models is considered a factor in the slump, but at the same time, it is also a factor in which Hyundai Motor Company expects a rebound in the fourth quarter. This is because existing models are being replaced by new cars one after another.

According to the industry, Hyundai Motor Company plans to launch the completely modified model 'The All New Tucson' and the Genesis GV80 hybrid model in Korea this month.

In addition, the industry predicts that the Genesis GV90, partially modified G90 models, and Avante hybrid models will be released on the market by the end of the year.

Regarding last month's sales performance, a Hyundai Motor Company official said, "The number of business days was reduced due to the Chuseok holiday and there was an impact of waiting demand for new cars. We will expand sales by introducing new cars with excellent marketability, such as the All New Tucson."