Hyundai-Kia's Sales Drop Amid Chinese Boycott

  • By Kim Seung-bum

    April 04, 2017 12:08

    Hyundai and affiliate Kia's combined sales dropped last month largely due to sluggish sales in China.

    Hyundai sold 342,164 cars overseas in March, down 7.8 percent on-year, while Kia sold 190,601, down 12.5 percent, the automakers said Monday.

    "Overall overseas sales fell because we suffered a double-digit slump in China last month," they said in a press release on Monday. "We have trouble doing business in the country because of the boycott" over Korea's decision to deploy a Terminal Higj-Altitude Area Defense battery from the U.S.

    Separate March sales data for China have not yet been released.

    At home, Hyundai's revenues rose 2.6 percent thanks to brisk sales of the new Grandeur and Sonata, but overall sales declined 6.3 percent due to lower demand from overseas markets. But Kia's domestic sales dropped 5.7 percent as well, resulting in a 11.2 percent decline in overall sales on-year, largely due to lack of new models.

    The combined domestic sales of Korea's five carmakers fell two percent on-year to 145,903 cars. GM Korea's revenues plummeted 12.4 percent as sales of its flagship Spark dropped by half.

    Ssangyong's domestic sales grew 1.8 percent thanks to the Tivoli compact SUV, and Renault Samsung's 2.7 percent due to increased sales of flagship models including the SM6.

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