BUSINESS Global car sales by South Korean automakers fall in January on weak export

BUSINESS

Global car sales by South Korean automakers fall in January on weak export

Xinhua

17:11, February 01, 2019

A car dealer stands in front of the logo of Hyundai Motor at its dealership in Seoul, South Korea, April 25, 2016. (Photo: VCG)

SEOUL - Global car sales by South Korean automakers fell in the first month of this year on weak export, industry data showed Friday.

Five car manufacturers, including Hyundai, Kia, GM Korea, Renault Samsung and Sssangyong, sold a total of 585,607 vehicles in January at home and abroad, down 5.6 percent from a year earlier.

Auto export declined 7.8 percent over the year to 468,143 units in January amid soft global demand. Hyundai's car shipment tumbled 12.2 percent, but auto export by Kia, Hyundai's affiliate, increased 2.2 percent.

Car exports by the three other manufacturers all retreated last month.

However, car sales in the domestic market increased 4.5 percent over the year to 117,464 units in January as positive effect continued from the government's temporary cut in consumption tax.

Hyundai's local car sale jumped 17.5 percent on rising popularity for a newly-launched sport utility vehicle. Ssangyong also saw domestic car sale expand 14.5 percent last month.

Kia's car sale at the local market shed 2.8 percent, with those for GM Korea and Renault Samsung posting a double-digit reduction.

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