Hyundai and Kia sales slide on home ground
HYUNDAI Motor and its affiliate, Kia Motors, show little sign of recovery on their home turf from their slowing car sales in recent months.
Hyundai Motor said on Monday that its global car sales increased 10.4 per cent to 402,406 vehicles last month from a year ago.
But its domestic sales continued on a downward trend, posting a 0.2 per cent decline to 57,942 units for the month.
Offsetting the output loss in South Korea, sales of vehicles produced at overseas plants drove up the carmaker's overall sales last month.
Kia Motors sold 39,500 vehicles in South Korea last month, a 3.1 per cent decrease from the same period last year.
Foreign brands have seen their share of South Korea's market for premium vehicles surge to 41 per cent, from 28 per cent, in the past two years.
Duties on European imports have fallen to 3.2 per cent from 8 per cent since a trade pact was implemented in 2011, and they will be eliminated for most cars next year.
BLOOMBERG, KOREA HERALD/ASIA NEWS NETWORK