Hyundai Motor on Wednesday reported home market sales up 5.4% year on year, helped by demand for premium models.
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According to Reuters, Hyundai said domestic sales in January rose nearly 15% to 45,022 units, led by sales of its premium TG Grandeur sedan.
Domestic sales were, however, about a third lower than December’s 67,420 units, after being hit by the expiry of tax benefits on cars in January, the report noted.
Hyundai, whose domestic market share hit a 10-year high of 53.7% in January, expects better overall sales in the first quarter, led by back orders for its [newly redesigned] NF Sonata model, Reuters said.
The domestic car market showed a sign of slowdown due to an end of tax benefits, but it is expected to maintain a recovery path as the negative impact of the expiry wanes, a Hyundai spokesman told the news agency.
According to the report, Hyundai sold 205,755 units in January, compared to 195,265 vehicles a year earlier. Exports rose 3.0% to 160,733 vehicles.
