(Hyundai Motor Co.)
The country’s five carmakers — Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. — reported an 18 percent on-year decline in sales to 4.2 million vehicles during the January-August period.
Their domestic sales rose 5.1 percent on-year to 1 million units in the first eight months, but their overseas sales plunged 24 percent to 3.2 million units as the COVID-19 pandemic continues to weigh on consumer sentiment.
The carmakers are planning to launch their new and upgraded models in the fourth quarter to absorb pent-up demand following the summer holiday season.
Hyundai Motor, the country’s biggest carmaker by sales, said it will launch a new Tucson sport utility vehicle and the face-lifted G70 sedan under its independent Genesis plaque this month.
Kia Motors, which is 34 percent owned by Hyundai, said it will focus on increasing sales of the all-new Carnival minivan, the Sorento SUV and the K5 midsize sedan in the fourth quarter.
Renault Samsung and GM Korea plan to promote their ZOE all-electric car and the upgraded Colorado pickup truck, respectively.
SsangYong Motor plans to launch the face-lifted Tivoli Air SUV in the domestic market on Wednesday. (Yonhap)