South Korea’sTop 5 Automakers See 3.8% Sales Drop in September

作者智能小编

10 月 3, 2024 #hyundai, #韩联社-经济

South Korea’s Top 5 Automakers See Sales Decline in September

Seoul, South Korea – South Korea’s five largest automakers reported acombined 3.8% year-on-year decline in global sales in September, according to data released on Tuesday. The total sales volume, including completeknock-down (CKD) units, reached 672,655 units.

This marks the fifth consecutive month of year-on-year sales decline for the top five automakers. Domestic sales fell by 1% to 105,577 units, while overseas sales dropped by 4.3% to 567,078 units.

The decline in domestic sales can be attributed to several factors, including a high base effect from the same period last year, a prolonged slump in domestic demand, reduced working days due to the Chuseok holiday, and strikes at some parts suppliers.This has led to a continuous decline in domestic sales for eight consecutive months, starting from February.

Overseas sales were also affected by factors such as a temporary slowdown in electric vehicle demand in Europe and the Asia-Pacific region, as well as reduced working days.

Individual Performance:

Hyundai Motor saw a 3.7% year-on-year decline in global sales, reaching 343,824 units.
Kia recorded a 4.5% decrease in sales, totaling 293,527 units.
GM Korea reported a 10.8%drop in sales, reaching 36,304 units.
Renault Samsung Motors experienced a 28.4% decline in sales, reaching 10,000 units.
SsangYong Motor saw a 20.7% decrease in sales, reaching9,000 units.

Outlook:

The decline in sales reflects the challenges faced by the South Korean auto industry, including global economic uncertainty, supply chain disruptions, and the ongoing shift towards electric vehicles. While the industry is expected to continue its transition towards electrification, the near-term outlook remains uncertain.

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