Seoul, Dec 2 Hyundai Motor , South Korea’s largest carmaker, reported a 3.7% drop in sales last month compared to the same period last year, citing weaker vehicle demand. The company sold 355,729 vehicles globally in November, down from 369,356 units in November 2022, according to a statement.
Domestic sales plunged by 12.3%, totaling 63,170 units, while overseas sales declined by 1.6% to 292,559 units.
From January to October, Hyundai’s cumulative sales fell by 1.7% to 3,809,424 units, compared to 3,873,724 units in the same period last year, as reported by Yonhap news agency.
“The business environment is expected to remain difficult due to factors such as currency and interest rate fluctuations, along with escalating geopolitical risks,” a Hyundai official said.
To counter these challenges, the company plans to emphasize hybrid vehicle sales, which are seeing growing global demand, and to launch successive next-generation models to maintain sales momentum.
Meanwhile, Kia, South Korea’s second-largest automaker and Hyundai’s affiliate, recorded a 0.8% rise in sales last month, driven by a slight increase in overseas demand.
Kia sold 262,426 vehicles in November, up from 260,363 units a year earlier. Domestic sales fell 4% year-on-year to 48,015 units, while overseas sales rose 1.9% to 213,835 units.
For the January to November period, Kia’s total sales declined by 0.9% year-on-year, amounting to 2,872,228 units.
