韩国微型车(경차)1—7月累计销量44,961辆、同比+23.3%，起亚Morning同比+107.4%领跑，但同期乘用车总销量-2.2%，属滞后行业统计汇编而非公司级新催化

Sales of minicars in South Korea are rising sharply this year, a trend analysts attribute to high fuel prices, high inflation and high interest rates that have made low-cost, low-maintenance vehicles more appealing.
Minicar sales totaled 44,961 units through July, up 23.3% from 36,463 units a year earlier, according to the Korea Automobile & Mobility Association (KAMA) on the 6th. Total passenger car sales fell 2.2% to 685,884 units from 701,290 units over the same period.
Through July, sales of small sedans dropped 21.1%, large sedans 4.6% and sport utility vehicles 5.0%, while only mid-size sedans posted growth, rising 10%. Minicars increased their share of total sales to 5.8% from 4.6% a year earlier.
Under South Korea's Motor Vehicle Management Act, a minicar is defined as a vehicle with an engine displacement under 1,000 cc and dimensions no greater than 3.6 meters long, 1.6 meters wide and 2.0 meters tall. Electric vehicles need only meet the size requirements. By that standard, three domestically produced models qualify: Kia's (000270) Morning and Ray, including its EV version, and Hyundai Motor's (005380) Casper, also including an EV version.
This year has belonged to the Morning. The model sold 15,403 units through July, a 107.4% surge from 7,425 units a year earlier, already approaching its full-year total of 16,197 units in 2025.
The Ray, which has held the top spot in minicar sales every year, sold 29,558 units, up 1.8% from 29,038 units a year earlier. The Ray EV performed particularly well, with sales rising 18.0% to 7,052 units from 5,976 units. Casper sales came to 9,573 units, up 1.6% from 9,419 units.
Analysts point to several factors behind the gains: high fuel prices tied to tensions in the Middle East, vehicle price increases driven by inflation, and higher ownership costs stemming from elevated interest rates. The price gap between small cars and minicars has widened as new vehicle prices rise broadly. A prominent example is the Avante, previously classified as a small car, which grew to compact size with its recent full model change and now carries a price range of 23.98 million won to 42.34 million won.
Minicars continue to draw buyers with prices in the mid-10 million won range. The Morning currently starts at 13.75 million won, the Ray at 14.8 million won and the Casper at 14.7 million won. The Ray EV, priced at 28.07 million won, and the Casper EV, at 28.47 million won, can be purchased for just over 20 million won after government subsidies. Owners also benefit from reduced acquisition taxes, discounts on highway tolls and public parking fees, and exemptions from license-plate-based driving restrictions and congestion charges.
Demand for the Ray and Ray EV has pushed waiting times for delivery to 10 months. The Morning has a wait of 2.5 months, longer than the one to 1.5 months typical for other models.
Attention is also turning to whether minicars will reclaim a share above 6% of domestic vehicle sales for the first time in four years. That share stood at 6.1% in 2022 before falling to 5.4% in 2023 and 4.8% in 2024, then edging up to 5.1% in 2025.