Thaindian News

Seoul, Sep 3 (IANS) South Korea’s automobile sales tumbled 7.1 percent last month from a year earlier due to weak demand at home and abroad caused by economic slowdown as well as a fall in working days, industry data showed Monday.

Global auto sales by the nation’s five carmakers, including Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor, reached 550,141 vehicles in August, down 7.1 percent from the same month of last year, reported Xinhua.

Domestic auto sales continued its downward trend to fall below the 100,000 mark, while overseas sales that offset sluggish local sales in the past turned into negative growth.

The results fuelled concerns over weak demand stemming from global economic slowdown. A reduction in business days during the summer vacation season also contributed to a fall in auto sales.

Global car sales by Hyundai Motor, the country’s No.1 automaker, contracted 4.6 percent on-year to 293,924 units in August. Domestic sales tumbled 29.9 percent to 35,950 units, the first decline in more than three years, but overseas sales edged up 0.4 percent to 257,974 units.

Kia Motors saw its global auto sales fall 0.5 percent in August from a year earlier to 190,904 vehicles.

Global sales by GM Korea, the South Korean unit of General Motors (GM), came in at 45,167 vehicles in August, down 17 percent from a year before. Local sales tumbled 14 percent to 9,808 units, with exports plunging 17.8 percent to 35,359 units.

Renault Samsung sold a total of 11,082 units through local sales and exports in August, down 59.4 percent from a year before, with global sales by Ssangyong Motor contracting 7.1 percent to 9,064 units.