News ID: 199786
Published: 0114 GMT September 02, 2017

Five South Korean carmakers' sales fall 1.6%

Five South Korean carmakers' sales fall 1.6%

South Korea's five carmakers said their combined sales fell 1.6 percent on-year last month due mainly to weak demand from overseas markets.

The five automakers — Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. — sold a total of 631,870 vehicles in August, down from 642,170 units a year earlier, according to the companies' sales data, Yonhap reported.

Their domestic sales fell 12 percent to 120,847 cars last month from the previous year's 107,677 units. Overseas sales also declined 4.4 percent to 511,023 autos from 534,493 during the same period, the data showed.

Lower demand from China, the world's biggest automobile market, was a major drag on the carmakers, with export gains by GM Korea and Renault Samsung helping to offset their sluggish domestic sales.

Hyundai and Kia, which together form the world's fifth-largest carmaker by sales, suffered the most in vehicle sales in China. The two carmakers saw their sales there plunge 41 percent and 54 percent, respectively, to 351,292 units and 149,672 in the January-July period.

Seoul and Beijing have been at odds over the deployment of an advanced US missile defense system called THAAD in South Korea, which China objects to due to military reasons. Local campaigns against South Korean products affected sales of Hyundai and Kia vehicles in China.

In August, Hyundai Motor sold a total of 336,625 cars, down six percent from a year earlier. Sales by its sister brand Kia Motors rose one percent year-over-year to 222,740 last month, the companies said.

To help revive sluggish sales, they plan to launch a series of new models in their major markets later this year.

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