Korean automakers’ sales retreat in Chile

South Korean carmakers posted weaker sales in the Chilean car market in the first half of this year, according to data compiled by a local automotive association.

Hyundai Motor, which had topped the market with sales of 31,398 units in 2016, gave away the top spot to Chevrolet during the January-July period this year, according to the National Automotive Association of Chile on Monday.

During the seven-month period, Hyundai Motor held 9.1 percent market share with sales of 17,276 small and midsized sedans, while Chevrolet returned to the top spot with 9.5 percent market share and sales of 18,110 units. Kia Motors remained third with 8.6 percent market share, selling 16,341 units this year.

In 2016, Hyundai Motor’s sales had grown 22.2 percent to post sales of 31,398 units, outpacing Chevrolet’s 28,886 units.

Sales of both Hyundai Motor and Kia Motors increased by 11.3 percent and 5.1 percent this year, but Japanese and US carmakers’ sales grew at faster rates.

In the first half of this year, sales of Japan-based Toyota increased 32 percent to 14,214 units. Nissan, also of Japan, posted increased sales of 22.5 percent to 15,513 units. Sales of US-based Ford and Chevrolet similarly increased by 25.5 percent and 19.9 percent, respectively.

By nation, Japan ranked first with combined sales of 58,887 units, followed by Korea with 33,617 units and the US at 27,631 units. Of the top 10 car brands in terms of sales, five were Japanese carmakers.

Chile‘s imports from Korean carmakers also declined in 2015 and 2016, whereas its import of cars from Japanese carmakers increased.

In 2015, Chile’s import amount from Korean carmakers was $650 million, but that decreased by 13.5 percent to $562 million in 2016. Imports marked $332 million in the first half this year.

Meanwhile, imports from Japanese carmakers increased 14.2 percent on-year from $468 million in 2015 to $534 million in 2016. Imports from Japan were $315 million in the first half this year.

By Shim Woo-hyun (ws@heraldcorp.com)