Mixed Results
It has been found that South Korean automakers sold a total of 625,415 cars at home and abroad last month, down 3.1% from a year ago. The domestic sales volume increased 7.8% to 130,614 whereas the exports fell 5.7% to 494,801.
In the South Korean market, Hyundai Motor Company boosted its sales volume by 24.5% to 59,614 and SsangYong Motor Company showed a year-on-year growth of 14.7% last month. In contrast, GM Korea’s sales volume dropped by 24.8% to 10,801 and Kia Motors’ volume edged down by 0.9% to 43,611.
In July this year, Renault Samsung Motors was the only South Korean automaker that showed a positive growth both at home and abroad. Specifically, its domestic sales volume and exports increased by 7.8% to 7,927 and by no less than 38.1% to 15,368, respectively. This was led by the SM6, which was chosen by 3,157 customers in South Korea last month.
On the other hand, Hyundai Motor Company’s exports fell 6% to 273,566 and Kia Motors exports also fell 6% to 172,507. The figures were 47.4% and 2,755 for SsangYong Motor Company and 3.2% and 30,605 for GM Korea. “This has to do with factors such as the economic retaliation from China that has followed THAAD deployment in South Korea, which dropped automobile exports to China last month,” said an industry source.