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South Korean OEMsֹ’ global sales decline 5 percent in November
South Korean automakers posted a combined 5.0% year-on-year (y/y) decrease in global sales to 720,892 units in November, according to data released by the five domestic manufacturers and reported by the Yonhap News Agency. The five automakers reported a combined 0.3% y/y marginal decline in domestic sales to 139,862 units last month, while their combined overseas sales fell 6.0% y/y to 581,030 units. The country's top-selling automaker, Hyundai, posted a global sales decline of 4.2% y/y to 403,381 units in November. Its domestic sales totalled 64,131 units, up 0.4% y/y, while its overseas sales declined 5.0% y/y to 339,250 units. Global sales of its affiliate, Kia, went down by 3.8% y/y to 247,115 units, with domestic sales slightly down 0.7% y/y to 48,700 units and overseas sales down 4.6% y/y to 198,415 units. General Motors (GM) Korea reported a 27.8% y/y plunge in total sales to 18,601 units during the month, with domestic sales down 19.9% y/y to 8,294 units and overseas sales down 5.8% y/y to 30,327 units. Renault Samsung's sales declined 27.8% y/y to 18,601 units in November, with domestic sales up 1.3% y/y to 8,407 units and overseas sales down 41.6% y/y to 10,194 units. SsangYong's global sales grew 9.0% y/y to 13,174 units during November. The automaker sold 10,330 units in the domestic market in November, up 17.8% y/y, while its overseas sales decreased 14.2% y/y to 2,844 units. During the January-November period of 2018, Hyundai's global sales were up 1.9% y/y at 4.18 million units. It was followed by Kia with 2.57 million units (up 2.1% y/y), GM Korea with 420,447 units (down 12.2% y/y), Renault Samsung with 209,126 units (down 16.4% y/y), and SsangYong with 127,818 units (down 1.3% y/y).
Significance: The decline in global sales by South Korean automakers during November was largely due to sluggish demand in the overseas markets. South Korean automakers are struggling in these markets as a result of rising competition from global rivals, political uncertainties in emerging markets, and the trade dispute between the United States and China. However, sales in the domestic market remained flat in November. Some of the customers postponed their purchases to December in a bid to benefit from attractive year-end sales promotion campaigns.
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