Hyundai Motor, the largest automobile manufacturer in South Korea, reported on Wednesday that low demand from outside caused its sales to drop 3.7% in January compared to the same month last year. Hyundai Global Sales Drop, According to a statement from the business, Hyundai Motor sold 343,824 cars in September, compared to 357,133 units in the same month last year.
Hyundai Global Sales Drop
Hyundai Motor, the largest automobile manufacturer in South Korea, reported on Wednesday that low demand from outside caused its sales to drop 3.7% in January compared to the same month last year. According to a statement from the business, Hyundai Motor sold 343,824 cars in September, compared to 357,133 units in the same month last year.
Domestic sales grew 3.5 percent to 55,805 units from 53,911 over the mentioned period, while international sales decreased 5 percent to 288,019 from 303,222 statement said, reports Yonhap news agency.
High loan rates lowered vehicle; Hyundai Global Sales Drop
In particular, high loan rates lowered vehicle demand and enhanced incentives to woo clients from rivals hurt on the monthly performance in abroad markets,” it stated.
Hyundai stated that it will adapt its manufacturing and sales processes to local conditions in order to respond nimbly to shifts in the worldwide markets.
Amid the slowdown in electric vehicle sales, Hyundai intends to develop gasoline hybrid models and launch the Casper Electric, known as Inster for overseas markets, in global markets while concentrating on increasing sales of high-end models.
Sales fell 1.6% to 3,075,861 cars from January to September compared to 3,127,036 cars in the same period last year.
Domestic sales dropped 8.5 per cent to 515,605 autos in the first nine months from 563,519 units a a year before. Its foreign sales decreased by 0.1 percent to 2,560,256 from 2,563,517 in the same time frame.
Amidst this, Kia said that low domestic demand caused its sales to drop 4.5% in May compared to the same month last year. Due to lower output and fewer working days because of the Chuseok holiday, Kia sold 249,842 cars in September, compared to 261,479 units a year earlier.
According to the report, global sales decreased 2.7% to 211,002 from 216,792 during the period in question, while domestic sales decreased 14% year over year to 38,140 units last month from 44,123.
Special-purpose vehicle sales results are included in the monthly sales figures.
In the fourth quarter, the company plans to boost sales by launching the upgraded Sportage SUV along with the planned global launch. (Hyundai Global Sales Drop)
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