Hyundai Motor's sales slump deepens beyond strike fallout
Hyundai Motor’s push to reverse its sales decline comes under a tougher test in the fourth quarter, as its long-time rivals and emerging players show greater resilience. The carmaker sold 49,022 vehicles in Korea last month, down 25.7 percent from a year earlier. The company attributed the decline largely to fewer operating days caused by the Chuseok holiday and pent-up demand ahead of its new…
Hyundai Motor's bid to halt its sales downturn faces an even stiffer challenge in the fourth quarter, as it battles against increased resilience from rivals and new entrants. The Korean car manufacturer recorded a sales figure of 49,022 vehicles in September, a 25.7 percent decrease compared to the previous year. Hyundai cited the decline primarily to fewer operating days owing to the Chuseok holiday and the backlog of demand awaiting the launch of its new strategic models.
Additionally, the company blamed the lingering repercussions of production interruptions from a labor strike that lasted 111 days and concluded in August. However, Hyundai's local sales plunge is especially pronounced, in stark contrast to Kia's comparatively milder decline of 6.7 percent during the same span. The disparity becomes even more apparent when considering Hyundai's worldwide sales decline, which amounted to 16 percent for the entire year.
The company's overseas sales also fell by 13.9 percent, while Kia's global sales surged by 5.1 percent in September compared to the prior year, with overseas sales growing by 7.5 percent. Notably, Kia also set a record for third-quarter sales, selling over 846,000 vehicles.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Hyundai Motor's sales slump deepens beyond strike fallout koreatimes.co.kr
