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Automobile Industry Focuses on Domestic Consumption

15:30 December 04, 2017 replay time01:51

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with Biggest Sale of the Year


Sales for domestic automobile companies for the past month decreased once again.

They recovered for a short period of time during September but declined in October and November. Therefore, the automobile industry decided to hold this year's biggest sales events to make up for its slump towards the end of the year.

Reporter Gwak Jun-young has more.


Sales for the five domestic automobile companies in the past month were approximately 762,000 vehicles.

They decreased by 12.1 percent compared with the same period last year.

Hyundai and Kia fared well in domestic consumption, and Renault Samsung recorded high exports, but overall, they were unable to overcome the slump for two months straight dating back to October.

Poor sales in China and the U.S. were the cause for companies that did not do well in exports, and companies' poor performances in the domestic market were due to their lack of new cars to attract customers.

Due to such circumstances, automobile companies decided to focus completely on the domestic market with the end of the year coming up.

They are planning to meet their sales quota through various promotions and discounts. In particular, the biggest discounts for this year are being offered in order to clear their inventories.

Hyundai Motors offered discounts of up to 2,300,000 won for six types of vehicles ranging from sedans to SUVs for a total of 12,000 vehicles for this month. Kia Motors is offering a maximum 12 percent discount for 20,000 customers who purchase any of seven models ranging from compact cars to medium-sized sedans.

GM Korea is also offering 5-15 percent discounts on all vehicles, and SsangYong Motor is offering up to 12 percent discounts for its Tivoli and Korando models.

Renault Samsung, desperately needing to recover from domestic sales, offered 200,000 won discounts for all vehicles purchased by the 15th of this month and lowered prices by as much as 3,000,000 won for the QM6, SM6, and QM3 models until the end of the year.

Attention falls on how successful the automobile companies trying to recover from their slow sales in the domestic market will be and how much inventory they can reduce with efforts at the end of the year.

Gwak Jun-young reporting for Yonhap News TV.

Yonhap News TV: 02-398-4441 (Inquiry on article/Report) KakaoTalk/LINE jebo23

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