October 05, 2016 11:10
Hyundai's car sales in the domestic market plummeted 20 percent on-year in September after a temporary tax incentive ended and customers and staff went on holiday for Chuseok or Korean Thanksgiving.
Affiliate Kia also posted a 14.9 percent cut in domestic sales. Sales of most of its flagship models excluding the new K7 dwindled, while output plunged 19.5 percent.
The entire Korean car industry saw a decrease of 13.2 percent on-year in September.
GM Korea's sales dropped 14.1 percent to 14,078 cars, with exports down 11.6 percent. But Ssangyong's overall sales rose 5.7 percent to 12,144 cars due to the successful Tivoli brand. Sales here decreased 1.2 percent but exports grew 22.2 percent.
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