South Korea’s auto sales tumbleSeptember 3rd, 2012 - 5:44 pm ICT by IANS
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.
- South Korea's auto sales grow - Jul 02, 2012
- South Korea's auto production plunges - Sep 09, 2012
- South Korea's auto sales rebound - Mar 02, 2012
- South Korean auto production grows - Jun 12, 2012
- South Korean carmakers' exports hit record high - Apr 09, 2012
- South Korea's auto production grows - Jul 10, 2012
- Renault to increase prices of Koleos - Dec 14, 2011
- Hyundai to invest $130 mn in new plant in Mexico - Aug 30, 2012
- French car sales drop - Sep 04, 2012
- In a subdued auto market, Asian companies log growth in July (Roundup) - Aug 01, 2012
- Ruia Group to bid for south Korean SsangYong Motor - Aug 08, 2010
- Slowdown, inflationary pressures affect automobile sales in August (Roundup) - Sep 01, 2012
- Indian utility vehicle maker prime bidder for Ssangyong - Aug 12, 2010
- Hyundai and Nissan Motor log growth in July - Aug 01, 2012
- Mahindra to sell 120,000 SsangYong cars globally this year - Jun 22, 2011
Tags: 1 automaker, auto sales, automobile sales, car sales, carmakers, domestic auto, downward trend, general motors, global auto, global car, global economic slowdown, global sales, hyundai motor, kia motors, local sales, samsung motors, south korea, ssangyong motor, summer vacation season, xinhua