Auto sales in S.Korea fall for 4 months amid slumping consumption

Auto sales by five South Korean carmakers in the domestic market fell for four straight months as consumers refrained from spending money amid growing household debts, industry data showed on Tuesday.

Domestic car sales by Hyundai, Kia, GM Korea, Renault Samsung and Sssangyong reached 126,660 units in October, down 13.3 percent from a year earlier. It marked the fourth straight month of decline.

Sluggish car demand came amid the record-breaking household debts that discouraged consumers from spending money or going for shipping.

The end in June of temporary cut in consumption tax and partial labor strikes in Hyundai Motor and its affiliate Kia Motors, the country's top two automakers, also contributed to soft sales in the local car market.

Auto exports reduced 4.1 percent to 641,047 vehicles in October, sending the global car sales to 767,707 units that were down 5.8 percent compared with a year ago.

Hyundai sold 411,499 cars globally in October, down 10.1 percent from a year earlier. The South Korean biggest carmaker's local sales tumbled 30.4 percent, leading the overall sluggishness at home.

Kia's local car sales tumbled 14.1 percent, with overseas sales falling 1.4 percent at 219,209 units in October.

GM Korea saw its global auto sales increase 1.1 percent to 55,269 units, while Renault Samsung's auto shipments jumped 40.3 percent to 27,968 units.

Ssangyong's local car sales declined 5.6 percent, but exports increased on strong demand for its Tivoli sport utility vehicle (SUV) model, raising its total auto sales to 13,728 units that were up 2.8 percent from a year ago. Endit