The softening car market in Korea is causing local companies to cut prices and offer promotional gifts.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Korean carmakers’ domestic sales fell for three consecutive months until October. This represents a drop of 32,000 units from the same period last year, according to the Korea Automobile Manufacturers Association (KAMA).
The Bangkok Post reports that Hyundai Motor is offering special discounts for its entire passenger car line-up during November, with the exception of the new sports car Genesis Coupe.
In addition, Hyundai is offering an addition discount of between 1 million ($700) and 2 million won for Genesis vehicles that have been produced before this month.
This month the company has raised the discount by 1.2m won to 2m for the luxury sedan Opirus and has cut prices by between 250,000 won to 1.5m won for various vehicles. The company is also offering free navigation systems and passenger airbags for selected vehicles as incentives.
“Larger discounts are offered with larger, more expensive models as the sales of such vehicles have dropped more,” a Hyundai Kia Automotive Group official told the Bangkok Post.
