South Korea's Top Five Automakers' February Sales Plummeted 11% On New Coronavirus Outbreak

According to the sales data released by major Korean car companies on the 2nd, March, the global sales of the five major automakers, including Hyundai Motor, Kia Motors, GM, Renault Samsung, and Ssangyong Motor, fell by 11% year-on-year in February to 502.512 million, the lowest of recent 11 years.

Analysis believes that this is mainly due to the adverse production factors such as poor production due to the outage of Chinese parts and components due to the outbreak of the New Crown epidemic in January this year.

The local sales of the five OEMs were 81.772 million units, a sharp drop of 21.7% year-on-year, a new low since January 2009. Overseas sales were 423,400 units, a year-on-year decrease of 8.6%.

Specifically, Hyundai Motor sold 39.29 million units in the country, a year-on-year decrease of 26.4%, and fell below 40,000 for the first time since August 2012. Foreign sales were 235.754 million units, a reduction of 10.2% year-on-year.

Kia Motors sold 187,844 vehicles, a decrease of 5% year-on-year. Domestic sales of 28.681 million vehicles, a year-on-year reduction of 13.7%, reached the lowest level since August 2009. Overseas sales were 159.163 million units, a decrease of 3.2% year-on-year.

Kim Jun-Kui, director of the Korea Automobile Industry Association, said that if the new coronavirus epidemic continues to spread globally, reduced production and global economic downturns will lead to further reductions in demand, and the auto industry will be struck.

China ’s new crown epidemic is now under control and is growing with decreasing data every day. It increased by 110 cases yesterday, but South Korea, Japan, and Italy, Iran, and other countries have experienced new crown epidemic outbreaks. The growth is rapid. It will significantly affect the domestic economy and even the world economy.

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