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Hyundai, Kia log 23 pct drop in Q3 China sales

All News 09:58 October 05, 2015

SEOUL, Oct. 5 (Yonhap) -- Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. posted a 23.1 percent drop in their combined sales in China during the third quarter of this year in the face of intensifying competition from local and foreign rivals there, industry data showed Monday.

According to the data obtained by Yonhap News Agency, the two South Korean auto giants sold a combined 313,975 cars during the July-September period, down from 408,473 units tallied a year earlier.

Hyundai Motor sold a total of 214,414 units during the cited quarter, down 17.4 percent from a year earlier, while Kia Motors posted a 33.2 percent plunge in sales to 99,561 units.

The third-quarter decline was sharper than the previous quarter's 14.3 percent and 7.9 percent drops for Hyundai Motor and Kia Motors, respectively.

The two automakers have been struggling in China in the face of deep price cuts and aggressive promotions by local and foreign rivals.

Since logging a 32.4 percent plunge in July, Hyundai Motor, in particular, has seen a steady improvement boosted by its recent price reductions of major models sold in China. In September, its China sales dropped a mere 5.4 percent from a year earlier.

Kia Motors, however, faces a protracted slump, with its September sales in China plunging 23.6 percent on-year.

During the January-September period, Hyundai Motor sold 724,643 cars, down 10.8 percent from a year earlier. Kia Motors' sales in China came to 402,718 units, a 12.4 percent decline from a year earlier.

Their combined sales so far this year totaled 1,127,371 units, down 11.4 percent from a year earlier, the data showed.

kokobj@yna.co.kr
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