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Hyundai Motor's Aug. sales slip 3.1 pct

All News 15:57 September 01, 2016

SEOUL, Sept. 1 (Yonhap) -- South Korea's top automaker Hyundai Motor Co. on Thursday said its sales in August slipped 3.1 percent from a year earlier, partly due to a reduction in output caused by labor strikes.

In a regulatory filing, the automaker said its global sales came to 358,447 cars last month, compared with 369,955 cars the same month last year.

Domestic sales plunged 17.6 percent on-year to 42,112, while overseas sales slipped 0.8 percent to 316,335 cars.

The sharp drop in domestic sales was mostly attributed to a reduced output here caused by a series of labor walkouts.

Unionized workers of Hyundai had staged 14 rounds of partial strikes since their wage negotiations began in July.

They have also rejected a hard-reached agreement between the management and union leaders in a vote held last Friday, possibly suggesting additional disputes to follow.

In a press release, the automaker said its outbound shipments of cars produced here plunged 38.3 percent on-year in August.

Sales of Hyundai cars produced overseas soared 11.6 percent on-year, but the increase apparently was not enough to offset the sharp drop in exports.

In the first eight months of the year, the South Korean carmaker sold 3,092,223 cars globally, down 1.6 percent from the same period last year.

Shares of Hyundai Motor retreated 1.13 percent to 131,500 won on the Seoul bourse. The August results were released after the local stock market closed.


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