How about August Vehicle Sales in Korea Shrank?
How about August Vehicle Sales in Korea Shrank?
  • Teddi Kim 스페셜리스트
  • 승인 2016.09.26 21:32
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Exports in August dropped 18.6 percent due to weak global demand for automobiles

[autodaily Teddi Kim] Vehicle Sales in Korea Shrank 10.3% in August

Domestic sales in August shrank 10.3 percent from a year earlier to 108,617 units. This decrease was caused by the end of the reduction of the individual consumption tax and delays in supplies resulting from the partial walkout of autoworkers.

Exports in August dropped 18.6 percent due to weak

global demand for automobiles, minus growth in emerging markets including Latin America, Africa, and others, and production losses resulting from the walkouts

of some automakers(Hyundai, Kia and GM Korea).

Exports to the Middle East(units): (‘15.1-7) 334,508→(‘16.1-7) 217,515(35% lower)

Exports to Latin America(units): (‘15.1-7) 172,358→(‘16.1-7) 133,465(22.6% lower)

Exports to Africa(units): (‘15.1-7) 62,338 → (‘16.1-7) 32,288(48.2% lower)

Production in August decreased 23.8 percent over a year ago to 217,097 units due to production losses resulting from strikes of autoworkers at Hyundai(14 times), Kia(9 times), and GM Korea(14 times).

Domestic sales

Domestic sales in August shrank 10.3 percent from a year earlier to 108,617 units. This decrease was caused by the end of the reduction of the individual consumption tax and delays in supplies resulting from the partial walkout of autoworkers. - Hyundai's sales were down 17.6 percent from a year earlier due to decreased sales of its mainstream models like the Avante,

Grandeur and Santa Fe coupled with the end of the reduction of the individual consumption tax. - KIA's sales dropped 10.4 percent due to the end of the reduction of the individual consumption tax. As a result, their mainstream models

showed a lag in sales except for the K7, Niro, new Carens and Carnival models. - GM Korea's sales slipped 7.7 percent due to falling in sales of mainstream models except for the new Malibu and Spark and the end of the reduction of the individual consumption tax. - Ssangyong's sales were up 2.1 percent thanks to the popularity of the Tivoli and Tivoli Air. - Renault Samsung's sales jumped 24.4 percent led by the New SM6 and expanded sales of the SM7.

Domestic sales in January-August increased 5.5 percent.

From January to August, domestic sales increased affected by the reduction of the individual consumption tax and the release of various new models.

Exports

Exports in August dropped 18.6 percent due to weak global demand for automobiles, minus growth in emerging markets including Latin America, Africa, and so on, and production losses resulting from the walkouts of some automakers(Hyundai, Kia and GM Korea).

Hyundai's exports w ere dow n 37.8 percent due to w eak demand in emerging markets, intense competition with other global automakers and production losses resulting from strikes.

Kia's exports declined 16.3 percent owing to the continuing global recession in emerging markets and production losses resulting from employee walkouts.

GM Korea's exports increased 14.5 percent, thanks to a boost in exports of the new Malibu, Trax and Captiva Models.

Ssangyong's exports climbed 38.4 percent thanks to the launch of the new Tivoli Air in Europe and an increase in exports of the Korando and Rexton Models.

Renault Samsung exports jumped 95.2 percent thanks to exports of the Rouge to the U.S. on the OEM basis for Nissan.

Exports in January-August decreased 14.3 percent.

From January to August, exports fell 14.3 percent due to weak global demand for automobiles, minus growth in emerging markets, and intense competition with other global automakers.

Production

Production in August decreased 23.8 percent due to production losses resulting from strikes of autoworkers at Hyundai(14 times), Kia(9 times) and GM Korea(14 times).

Production for Hyundai decreased 38 percent over a year earlier due to production losses resulting from strikes and a fall in popularity of mainstream models.

Kia's production fell 16.7 percent due to strikes and reduced exports coupled with the global economic slowdown.

GM Korea's production dropped 29 percent, due to strikes and weakened domestic sales of mainstream models.

Ssangyong's production climbed 9 percent thanks to the popularity of the newly launched Tivoli in Europe.

Renault Samsung's production jumped 50.5 percent, benefitting from an increase in domestic sales of its SM6 model and export of the Rouge to the U.S.

Vehicle Production in January-August fell 7.9 percent. - From January to August, production dropped 7.9 percent from the same period a year earlier, affected by a decrease in exports coupled with weak demand in emerging markets and

strikes experienced by automakers.

 


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