BUSINESS

[Monitor] Dim outlook for Korean carmakers amid slowing global demand

By Korea Herald
  • Published : Aug 30, 2017 - 16:38
  • Updated : Aug 30, 2017 - 16:38

The number of Korean cars sold globally between January and July this year declined 6.8 percent from the same period last year, due to slowing demand from China and the US, the world’s two biggest auto markets, a study showed Wednesday.

According to Woori Finance Research Institute, Korean carmakers’ sales in US turned south for the first time since 2010, while their sales in China plummeted 45.5 percent this year.

Hyundai Motor has five plants for manufacturing passenger vehicles and one for commercial trucks in China. Its sister company Kia Motors has three plants in Yencheng, northeastern Jiangsu province.