A remarkable transformation unfolds as three Korean automakers – GM Korea, KG Mobility, and Renault Korea Motors – gear up for an aggressive export strategy in 2024. Transitioning from previous financial struggles, these companies now target global markets with a focus on innovative models.
GM Korea’s Export Surge
GM Korea exhibited an impressive export trajectory last year, with 91% (429,304 units) of its total sales destined overseas, marking an 88% increase from the previous year. Leading this growth were the Trailblazer SUV and the Trax CUV. Anticipating continued demand, especially from North America, GM Korea plans a production boost to 500,000 units in 2024.
KG Mobility Expands Beyond Borders
KG Mobility witnessed a 17.6% jump in exports in 2023, shipping 53,083 vehicles, thanks to its new SUV models – the Torres, Korando, and Rexton Sport Khan. Strategically, KG Mobility eyes fresh markets in the Middle East and Africa, while fortifying its European foothold. A collaboration with Saudi Arabia’s SNAM for CKD products and a direct sales operation in Germany signals a robust plan to hit 320,000 units in sales by 2026.
Renault Korea: Embracing Hybrid Technology
Renault Korea Motors, despite a modest downturn, mitigated losses effectively with exports comprising 78% of total sales. The European market received the bulk of its XM3 and QM6 models. A new mid-size hybrid SUV, born from the Aurora Project with China’s Geely Auto Group, symbolizes the company’s innovative direction. Further, the production of the Polestar 4 SUV at its Busan plant targets both Korean and North American markets.
These Korean automakers are not just recuperating from past setbacks but are redefining their operational strategies to align with the evolving global automotive industry. Their approach, characterized by production ramp-ups, exploring new markets, and launching innovative models, sets 2024 as a critical year for their international market penetration and growth.
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