Renault Korea's sales drop 34 pct in August on weak demand

SEOUL, Sept. 1 - Hyundai Motor Co., South Korea's leading car manufacturer, reported a 14% decline in sales for August compared to the previous year, according to a press release. The decrease was primarily attributed to partial strikes and fewer working days. In total, Hyundai sold 288,574 vehicles in August, which is a notable drop from the 336,141 units sold in the same period last year.

Domestic sales took an even harder hit, falling 41% to 34,333 units, down from 58,330 units in August 2022. Overseas sales also declined, but to a lesser extent, decreasing 8.5% to 254,241 units from 277,811 units.

In an attempt to reverse the downward trend, Hyundai has announced plans to promote new models, such as the New Grandeur sedan and the all-new Avante compact. The introduction of these new vehicles is expected to help the company increase its market share throughout the remainder of the year.

Overall, Hyundai's cumulative sales for the first eight months of the year saw a 6% decrease, totaling 2,575,360 vehicles compared to 2,738,615 units in the same period last year. Domestic sales experienced a more substantial drop of 15%, reaching 399,159 units this year, down from 469,457 units in August 2022. Meanwhile, overseas sales experienced a modest decline of 4.1%, totaling 2,176,201 units compared to 2,269,158 units in the same period last year.