Korean Carmakers' Sales Dwindle
04 January, 2020
Korea's five automakers sold some 7.92 million cars in combined sales last year, down 3.8 percent.
The decline was mainly blamed for the weaker demand overall due to the global economic slowdown compounded by growing car-sharing services and other ride-hailing apps.
According to a report released on Thursday, the sales of the five carmakers -- Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong -- decreased by more than 300,000 cars from 2017.
Hyundai sold 4.42 million cars last year, down 3.6 percent on-year while Kia sold 2.78 million cars, down 1.5 percent and just short of their annual target of 7.6 million cars.
The three smaller carmakers fared dismally. GM Korea's sales dropped 9.9 percent to 417,226 cars, with domestic sales falling 18.1 percent and overseas sales 7.8 percent as Korean consumers had no sympathy with its frequent labor strikes.
Renault Samsung performed worst, with sales plummeting 22 percent to 177,450 units as it lost a major Nissan production job. Ssanyong's sales fell 6.5 percent to 132,799 cars.
Automakers now offer discounts, interest-free installments, and old-for-new exchanges.
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