Korea's passenger vehicle market fell 2.7% in 2022 compared to 2021
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Korea's passenger vehicle market fell 2.7% in 2022 compared to 2021
- Korea's passenger car market fell 2.7% in 2022 compared to 2021, following an 8.8% decline in 2021 compared to 2020. South Korea registered 1,410,603 units last year, compared to 1,449,849 in 2021 and 1,599,002 in 2020. This is the lowest level since 2014, as the Korean market was approaching 1,600,000 units per year between 2015 and 2020.
- Like most other markets, Korea suffered from supply and logistics problems last year, although it is likely that this market has reached saturation point since 2015-2020. With a population of 52 million inhabitants, Korea represents in 2022 a number of passenger car sales located between Italy (1.3 million) and France (1.5 million) more populated countries (59 million and 67 million inhabitants respectively). In fact, with an estimated fleet of 26 million vehicles, Korea's motorization rate has now reached 500 vehicles per 1,000 inhabitants, close to European countries ones. It proved that this market is gradually reaching saturation point.
- The Korean market leader remains by far the Hyundai-Kia group, which holds 71% of this market (compared to 72% in 2021). Far behind are Premium carmakers BMW and Mercedes, which together manage to occupy 12% of the Korean market, i.e. 6% each, which shows that there is a non-negligible demand on this market for this type of model that is not able to answer the Korean luxury brand Genesis which is integrated into the Hyundai-Kia group. The position of Renault-Nissan (ex-Samsung) is becoming fragile with only 4% of the Korean market, and Ssangyongbeing even more fragile, with 2% of the market.
CES in Las Vegas is increasingly becoming a true motor show
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CES in Las Vegas is increasingly becoming a true motor show
- The CES (Consumer Electronics Show) in Las Vegas (USA) is increasingly becoming a major motor show, when other large traditional European and North American shows are increasingly becoming regional shows in a phase of redefining themselves.
- This year, an entire hall was devoted to the automobile at CES 2023, and carmakers presented several world premiere concepts as well as many technological innovations.
- Stellantis presented its battery electric Inception concept as well as the battery electric version of the Ram 1500 pickup (the third best-selling model in the United States) which should be launched in 2024, as a competitor to the Ford F-150 Lightning Series.
- Volkswagen presented its new battery electric sedan ID7 which should be launched next spring, as a successor to the Passat sedan (the station wagon of the Passat should temporarily continue its commercial career).
- BMW presented its i-Vision Dee concept which evokes in anticipation the design of future battery electric BMWs.
- Honda and Sony presented their joint battery electric concept called Afeela which should be marketed in 2026.
- Faraday returns with a cutting-edge all-electric FF91 high-end sedan concept priced at $180,000, when the brand Lightyear unveiled its rival Tesla Model 3 sedan, to be on market in 2025.
The Volkswagen group remains the second largest carmaker in the world in 2022
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The Volkswagen group remains the second largest carmaker in the world in 2022
- The Volkswagen group (Volkswagen, Audi, Skoda, Seat, Cupra, Bentley, Lamborghini, Traton) has published its sales figures for the year 2022. The German carmaker remains the second largest carmaker in the world behind Toyota, but loses 450,000 vehicles compared to 2021, which represents a drop of 7% while the Toyota group is practically stable (-0.1%). The Volkswagen group therefore sold 8.3 million vehicles in 2022, while its Japanese competitor sold 10.5 million.
- We can argue that the problems of logistics and supply have impacted the German carmaker, but we can also think that the strategy of electrification and their models has also caused it to lose a good number of customers not yet ready for this type of engine.
- At Toyota, we do not perceive this problem at all due to electrification as the Japanese have not yet really committed to it.
- The Volkswagen group sold 561,000 battery electric vehicles (BEVs)last year compared to 431,000 in 2021 and 228,000 plug-in hybrid vehicles (PHEVs) compared to 278,000 in 2021, i.e. 789,000 electrified vehicles, representing nearly 10% of its worldwide sales, to which can be added 260,000 mild-hybrids (MHEVs).
- The group's best-selling BEV model is the VW ID4, which totals 170,000 sales, ahead of the VW ID3 (79,000 units), VW Up (54,000 units), Skoda Enyaq (52,000 units), Audi E-tron (48 000 units), Audi Q4 (42,000 units), VW ID6 (38,000 units), Cupra Born (32,000 units), VW ID5 (24,000 units), Audi E-tron GT (9,000 units) and VW ID Buzz (4,000 units).
- The group's best-selling PHEV model is the Cupra Formentor (25,000 units), ahead of the Audi Q3 (21,000 units), VW Tiguan (20,000 units), Audi A3 (18,000 units) and VW Passat (16,000 units).
The Toyota group remains the world's leading carmaker in 2022
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The Toyota group remains the world's leading carmaker in 2022
- The Toyota group (Toyota, Daihatsu, Lexus, Hino) has published its sales and production figures for the year 2022. Its worldwide sales amount to 10.5 million units including heavy duty vehicles, which represents a slight drop of 0.1% compared to 2021 and which allows the Japanese carmaker to remain the world's leading carmaker ahead of the Volkswagen group (8.3 million, down 7% compared to 2021). The Hyundai-Kia group (6.85 million) takes third place, succeeding to the Renault-Nissan group (6.15 million) which is separated from its Russian subsidiaries (Avtovaz, Renault Russia, Nissan Russia) in 2022.
- The Toyota group managed to remain stable in a global market down 2%, which is a notable performance. Perhaps the fact that Toyota is less involved today in the battery electric technology worked in its favour for now. It is especially in Asian countries where Toyota has improved its positions, but also in Europe where the Japanese brand has become No. 2.
- By brand, Toyota sold 9,566,961 vehicles (including Lexus), Daihatsu 766,091 and Hino 149,972.
- The Toyota Group's global sales in 2022 by country break down as follows:
§ The United States remains its largest market, with 2.1 million vehicles, or 20% of its global sales.
§ Japan is its second market, with 1.9 million vehicles, or 18% of its global sales.
§ China is its third largest market, with 1.85 million vehicles, or 17.5% of its global sales.
§ Europe is its fourth largest market, with 1.0 million vehicles, or 9.5% of its global sales.
Renault and Nissan redefine their Alliance amid falling sales
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Renault and Nissan redefine their Alliance amid falling sales
- Renault and Nissan, the main partners of the Renault-Nissan group, have decided to redefine their alliance, in particular by rebalancing their capital ties. Until now, Renault held 43% of Nissan while Nissan held only 15% of Renault. The two automotive groups will now be on an equal footing regarding capital ties, the French carmaker and its Japanese partner having agreed to reduce Renault's stake in Nissan to 15%.
- This agreement comes at a time when the Renault-Nissan group has fallen from third place in the world in 2021 to fourth in 2022, due to a drop in global sales of Nissan (-20.7%) and a fall in Renault sales (-23.9%) mainly due to the sale of Renault Russia and Avtovaz. It should be noted that on the scope of the Renault group without Russia, Renault sales fell only by 5.9%.
- Nissan sold 3,225,500 vehicles in 2022, Renault 2,051,000 and Mitsubishi 873,500, i.e. a total of 6,150,000 vehicles for the group as a whole, while it exceeded 10 million sales per year in 2017, in 2018 and 2019, and another 8 million sales per year in 2020 and 2021.
- The sales decline of the Renault-Nissan group has been strong since 2019, and we can compare this situation to GM and Ford which had started a few years earlier. Admittedly, the Renault-Nissan group had indicated some time ago that profits would now come before volumes, but we note that the group's sales in 2022 represent 80% of those of 2020 and 60% of those of 2018. The question today is to know if the future new organization of the alliance will make it possible to relaunch the group's sales and to optimize exchanges between the two entities.