Jan-Sept Sales Up 11 Pct Y-o-Y but Sept. Strike Takes its Toll
SEOUL, Korea, Oct. 4, 2005 - Last month’s work stoppage at Hyundai Motor Co.’s Korean factories took its toll as September domestic sales slipped by 16.1 percent m-o-m to 38,123 units due to inventory shortages while overseas sales remained largely unaffected reaching 137,778 units equivalent to a 0.3 pct m-o-m change.
In total, 175,901 units were sold worldwide in September, a 4.2 percent drop over the previous month and down 8.5 percent over September of last year.
Despite September’s lackluster performance, the overall picture remains bright as Jan-Sept cumulative sales stand at 1,795,510 units, up 11 percent y-o-y keeping Hyundai Motor Co. on track to another record-setting year.
Domestic passenger cars sales were down 6.1 percent m-o-m to 20,117 units while sales of SUVs and minivans tumbled 24.4 percent to 7,704 units.
Even worse hit were domestic sales of commercial vehicles which plunged 25.4 percent to 10,302 units.
Export shipments from Korean factories slipped by 5.8 percent to 71,581 units while sales at overseas manufacturing subsidiaries in China, India, Turkey and U.S.A. rose 6.4 percent m-o-m to 66,197 units. Jan-Sept output at the overseas factories reached 474,368 units, up 56.3 percent over the comparable period in 2004.
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Kia Automotive Group which includes Hyundai Mobis and over two dozen auto-related subsidiaries and affiliates. Employing over 68,000 people worldwide, Hyundai Motor posted US$26.1 billion in sales in 2004 (on a non-consolidated basis). Hyundai motor vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Hyundai Motor Co. is a sponsor of the 2006 FIFA Germany World Cup. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com/
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