South Korean carmakers see October sales slump amid holidays, production losses

New Delhi, Nov 3 South Korea’s major automakers, including Hyundai Motor, Kia Corp., and GM Korea, reported a drop in their October sales as fewer working days during the Chuseok holiday and production disruptions weighed on output.

Industry data released on Monday showed overall declines across leading carmakers, with only KG Mobility managing a modest gain on the back of stronger overseas demand.

Hyundai Motor Co., South Korea's biggest carmaker, said its global sales in October dropped 6.9 per cent from a year earlier, weighed down by fewer working days at home due to last month's Chuseok holiday.

Hyundai Motor sold 351,753 vehicles last month, down from 377,917 units a year earlier, the company said in a release.

Domestic sales slumped 17.1 per cent to 53,822 units, while overseas sales went down 4.8 per cent to 297,931, reports Yonhap news agency.

Kia Corp., South Korea's second-largest automaker, said that its sales fell 0.5 per cent in October from a year earlier due to decreased domestic sales.

Kia, a smaller affiliate of local industry leader Hyundai Motor Co., sold 263,904 vehicles in October, down from 265,344 units in the same month of last year, the company said in a press release.

Domestic sales tumbled 13.1 per cent to 40,001 units from 46,025, while overseas sales rose 2.1 percent to 223,014 from 218,389 over the same period.

GM Korea Co., the South Korean unit of General Motors Co., said that its monthly sales declined 20.8 per cent in October from a year earlier amid recent production losses in connection with this year's wage negotiations.

The company sold 39,630 vehicles last month, down from 50,021 units a year ago, GM Korea said in a release.

Domestic sales fell 39.5 per cent on-year to 1,194 units from 1,974, while exports dropped 20 per cent to 38,436 units from 48,047.

Renault Korea Motors, the South Korean unit of France's Renault S.A., said that its sales fell 42 per cent in October from a year earlier due to weaker demand for its models.

The company sold 7,201 vehicles last month, down from 12,456 units a year earlier, it said in a press release.

Domestic sales dropped 40 per cent to 3,810 units from 6,395, while exports tumbled 44 per cent to 3,391 from 6,061 over the cited period.

Meanwhile, KG Mobility Corp. said its October sales edged up around 3 per cent from a year earlier thanks to a boost in overseas shipments.

The South Korean automaker sold 9,517 vehicles in October, up 2.9 per cent from the 9,245 units sold the same month last year, the company said in a release.

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