South Korea’s Vehicle Sales Decreased 8.4% to Around 1.73 Million Units in 2021

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South Korea vehicle sales decrease in sales 2021 sales results KAMA KAIDA semiconductor shortage parts shortage delays vehicle delivery reduction of individual consumption tax South Korea sales volume of automobiles by type passenger vehicles commercial vehicles domestic made imported SUV CDV / MPV pickup truck cargo vehicle truck / bus special purpose vehicle light truck medium / heavy truck bus medium / large truck & bus Tesla Hyundai Motor Kia Motors Genesis Mercedes-Benz BMW Renault Samsung SsangYong Mahindra & Mahindra Chevrolet (GM Korea) Audi Volvo VW MINI Jeep Lexus Porsche Tata Daewoo Tata Motors Ford Toyota Honda Share of South Korean brands Share of EU brands Share of US brands Share of Japanese brands South Korea sales volume of electric vehicles by powertrain type and model

South Korea’s vehicle sales decreased 8.4% year-on-year to 1,730,688 units in 2021. The figure is based on the combined results of the members of South Korea’s automotive industry association KAMA and imported vehicle association KAIDA as well as Tesla’s results. Starting from March 2021, South Korea’s top 2 automakers Hyundai Motor and Kia Motors faced insufficient semiconductor supply in 2021, resulting in delayed vehicle delivery. Although South Korea extended a temporary 30% cut in individual consumption tax on passenger vehicles for another six months until the end of December, full-year sales fell below the previous year’s level. Passenger vehicle sales declined 9.2% to 1,497,213 units and commercial vehicle sales fell 3.1% to 233,475 units.