SOUTH KOREA: Some feel the heat in depressed domestic market
South Korea's sluggish vehicle market is hitting some automakers harder than others as buyers opt for smaller vehicles and avoid SUVs.
SsangYong said its auto sales fell 32% on last year to 7,392 units in June due to high oil prices. Domestic sales dropped a whopping 67% on last year to 1,902 units in June, although exports were up 8% at 5,490 units.
In the January-June period, SsangYong sales were down 26% to 49,802 units.
Hyundai Motor said its auto sales in South Korea declined 14.6 percent last month amid sluggish private spending.
Last month, Hyundai Motor sold 48,301 units in South Korea and 205,545 units overseas, the company said in a statement.
In the first six months of this year, Hyundai Motor's sales gained 14.2 percent to 1.48 million units, according to the statement.
Renault Samsung said its domestic sales fell 13.1% to 9,205 units last month.
However, Hyundai-owned Kia said its auto sales rose 3.5% on last year to 116,387 units in June on strong demand for the upgraded Lotze sedan.
Domestic sales rose to 25,754 units in June, up 17% from a year earlier, while exports inched up 0.2% on last year to 90,633.
In the January-June period, Kia domestic sales climbed to 154,030 units, up 15.3% on last year, while exports rose 1.6% to 552,140 units.