South Korean carmaker Hyundai Motors sold 376,704 units in November globally, down by 4.3pc from the year prior. Its affiliate Kia Motors sold 256,019 units in November globally, up by 2pc.
Sales in South Korea
Hyundai sold 70,035 units in the home country, up by 10pc from the previous year. Compared to the prior month, sales in the country were up 6.6pc. In the Jan-Nov, sales rose by 6.5pc to 719,368 units compared to the prior-year period.
Kia sold 50,523 units in South Korea, up by 3.9pc from a year ago. The producer sold a healthy number of SUVs and sedans and is likely to introduce newer SUV models to continue the sales momentum.
Sales outside Korea
Hyundai sold 306,669 units overseas, down by 7.2pc from November 2019. Sales declined by 4.6pc from the prior month. In Jan-Nov, sales fell by 20pc to 2.64mn units compared to the prior-year period. Hyundai Motor is considering risk management to minimize the impact of the economic slowdown due to COVID-19.
Kia Motors sold 205,496 units in November in the overseas markets, up by 1.6pc from Nov 2019. The performance was driven by healthy SUV sales in the US. The company also expects strong sales to sustain in India driven by the new model released in August.
Recovery in sales by major car manufacturing companies has instilled confidence in upstream industries like manufacturers of steel, aluminium, zinc, and other metals, which also depend on the auto sector’s consumption. Higher sales indicate that economies are recovering from the COVID-19 impact. With inventories depleting, production levels could be ramped up in the coming days.