South Korea’s August auto sales hit 19-month low

Sales from automakers in South Korea hit a 19-month low in August, according to South Korean news reports quoted by China’s Ministry of Commerce on Wednesday September 5.

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Volume fell 7% year-on-year to total 550,213 automobiles.

Domestic sales totalled 85,543 units, down 24.8% year-on-year, while sales overseas were down 2.8% to 464,670 units.

The lower sales volume was due to global economic uncertainties, weakened domestic demand in South Korea, lower auto production due to the holiday season and strikes, limited number of new cars released and adverse weather including typhoon, the report said.

Hyundai sold 293,924 cars in August, down 4.6% year-on-year, while Kia Motors sold 190,904 automobiles, down 0.5%.

GM Korea sold 17% fewer units at 45,167 while Renault Samsung Motors was down 0.5% at 11,082 automobiles.

Ssangyong Motor sold 9,136 automobiles, down 9.5%.