Hyundai and Kia Report Decreased January Sales Due to Shorter Working Days
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Synopsis
Hyundai and Kia experienced declines in January sales due to reduced working days following the extended Lunar New Year holiday. Hyundai's sales fell by 2.3%, while Kia's dropped 2.4%. Domestic sales were particularly affected, but both companies continue to see growth in overseas markets.
Key Takeaways
- Hyundai's January sales down 2.3% year-on-year.
- Kia's sales decreased by 2.4% due to fewer working days.
- Domestic sales for Hyundai fell 7.5%; Kia's dropped 13.9%.
- Overseas sales for Kia increased slightly.
- Both automakers plan to enhance production systems.
Seoul, Feb 3 (NationPress) Hyundai Motor announced on Monday that its sales figures for January experienced a decline of 2.3 percent compared to the same month last year, primarily due to fewer working days. The company reported the sale of 310,399 vehicles in January, a decrease from 317,823 units in January of the previous year.
Sales within the domestic market fell by 7.5 percent year-over-year, totaling 46,054 units, while international sales saw a minor decline of 1.4 percent, resulting in 264,345 units.
Hyundai Motor attributed this sales drop to the shortened business days resulting from last month's extended Lunar New Year holiday, as reported by the Yonhap news agency.
In the domestic market, the Grandeur sedan was the top-selling model, with 5,711 units sold. The Sante Fe was the most popular SUV in the country, with 4,819 units sold.
The automaker plans to tackle expected global business uncertainties through proactive risk management and by enhancing its sales and production frameworks.
Kia, the second-largest automaker in South Korea, also reported a 2.4 percent decline in sales for January, again due to the reduced number of working days during the Lunar New Year holiday.
As an affiliate of Hyundai Motor Co., Kia sold 239,571 vehicles last month, down from 245,586 units in the same month last year, according to the press release.
Domestic sales dropped 13.9 percent year-over-year to 38,403 units, while overseas sales saw a slight increase of 0.1 percent, totaling 200,993 units.
Kia reported that the decrease in domestic sales was due to the fewer business days attributed to the extended Lunar New Year holiday.
"Domestic sales saw a temporary drop in January because of fewer working days during the Lunar New Year holiday, yet our overseas market sales continue to grow," stated a company representative.
To maintain global sales momentum, Kia intends to expand its lineup with a variety of new models.
Regarding vehicle models, the Sportage SUV emerged as the top seller in both local and international markets last month, with 43,473 units sold, followed by the Seltos at 22,198 units and the Sorento at 21,421 units.
