Seoul: Hyundai Motor Co., South Korea’s largest carmaker, announced on Friday that its sales experienced a 1.6 percent decline in October compared to the same month last year, attributed to a reduction in vehicle demand. Hyundai Motor reported selling 371,421 vehicles in October, a decrease from 377,332 units sold in the same period the previous year.

According to Yonhap News Agency, the company highlighted a rise in domestic sales by 0.9 percent, from 64,328 to 64,912 units. However, this increase was overshadowed by a 2.1 percent decline in overseas sales, which fell from 313,004 to 306,509 units. The statement from the company also pointed out various challenges, including fluctuating exchange rates, high lending rates, and rising geopolitical risks, which are expected to continue affecting sales outcomes for the remainder of the year.

Hyundai, known for models like the Santa Fe SUV and Sonata sedan, expressed its strategy to address these challenges by adapting its production and sales systems based on
local market conditions. The company aims to focus on boosting sales of its high-end models while maintaining the sales volume of gasoline hybrid models in response to the slowdown in the electric vehicle sector.

From January to October, Hyundai’s overall sales decreased by 1.6 percent to 3,447,171 vehicles from 3,504,368 units sold during the same period last year. The company saw a 7.5 percent drop in domestic sales, with 580,517 vehicles sold in the first ten months compared to 627,847 units in the previous year. Overseas sales also saw a slight decrease of 0.3 percent, falling to 2,866,654 from 2,876,521 during the same timeframe.