Why Did Global Sales of Hyundai Motor and Kia Decline in November?
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Synopsis
In November, sales for Hyundai Motor and Kia experienced a decline due to sluggish demand in both domestic and international markets. Hyundai's sales dropped by 2.4%, while Kia faced a 0.8% decrease. Both companies are strategizing to boost their sales through innovative vehicles and eco-friendly options.
Key Takeaways
- Hyundai Motor's sales dropped 2.4% in November.
- Kia's sales fell 0.8% during the same period.
- Domestic sales for Hyundai decreased by 3.4%.
- Kia aims to enhance its lineup of eco-friendly vehicles.
- Both companies are strategizing for better market adaptation.
Seoul, December 1 (NationPress) - Hyundai Motor, the largest automobile manufacturer in South Korea, announced on Monday that its sales for November decreased by 2.4 percent compared to the previous year, primarily due to weak demand both domestically and internationally.
In total, Hyundai Motor sold 349,507 vehicles last month, a drop from 358,032 units sold in the same month last year, as reported in a company statement.
Sales in South Korea fell by 3.4 percent year-on-year, totaling 61,008 units, while international sales decreased by 2.2 percent, reaching 288,499 vehicles, according to Yonhap news agency.
Within the domestic market, Hyundai sold 18,099 sedans, while 22,643 units were sport utility vehicles (SUVs). The premium Genesis brand of Hyundai reported sales of 11,465 units.
A representative from Hyundai stated, "We will enhance our sales and production strategies to adapt better to local demand and regulatory frameworks," also highlighting plans to uphold sales volumes for hybrid models while expanding their market presence with competitive new vehicle launches.
Kia, which is affiliated with Hyundai, reported a 0.8 percent decline in sales for November compared to the previous year, as sluggish demand persisted.
Kia sold 262,065 vehicles last month, down from 264,186 units sold during the same month last year, according to a press release.
Domestic sales dipped by 1.6 percent to 47,256 units, while international sales fell by 0.8 percent, totaling 213,889 units, a decrease from 215,595.
The monthly totals include 576 special-purpose vehicles, which is a 59.7 percent decline from 801 units sold a year ago.
From January through November, Kia's total sales reached 2,898,755 vehicles, marking a 1.8 percent increase from 2,848,755 in the same period last year.
A Kia spokesperson noted that the company aims to boost sales by promoting its eco-friendly vehicle range, including hybrid SUVs and the new EV5 and PV5 electric vehicles.
Point of View
It is crucial to recognize that the automotive industry is facing significant challenges due to shifting consumer preferences and economic conditions. Both Hyundai and Kia are under pressure to adapt quickly and effectively to maintain their market positions. The focus on eco-friendly vehicles indicates a strategic pivot that could redefine their future in the global market.
NationPress
01/12/2025
Frequently Asked Questions
What caused the decline in sales for Hyundai Motor?
The decline in sales for Hyundai Motor is attributed to sluggish demand in both domestic and international markets.
How much did Kia's sales decrease in November?
Kia's sales decreased by 0.8 percent in November compared to the previous year.
What is Hyundai's strategy to improve sales?
Hyundai plans to strengthen its sales and production systems to better respond to local demand and will focus on launching competitive new vehicles.
What types of vehicles did Hyundai sell the most of in November?
Hyundai sold the most SUVs, totaling 22,643 units, along with 18,099 sedans.
Did Kia's cumulative sales for the year increase?
Yes, Kia's cumulative sales from January to November increased by 1.8 percent compared to the same period last year.
