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GM Korea reports 37.5% on-year drop in October car sales

Collected: 2017.11.02

Distributed: 2017.11.03

Source: Go Direct

GM Korea Co., the South Korean unit of U.S. automaker General Motors Co. (GM) said on Wednesday its car sales in October fell 37.5 percent from a year ago on sluggish demand from domestic and overseas markets, renewing concerns about the possibility of GM pulling out of the Korean market.

GM Korea said that it sold 34,005 cars in October, down 37.5 percent from a year ago. Monthly domestic sales fell 54.2 percent from a year ago to 7,672 units last month and exports from its manufacturing plant in Gunsan, North Jeolla Province, declined 30.3 percent to 26,863 units over the same period, it said.

GM Korea’s combined sales in the January-September period fell 10.9 percent year-over-year to 436,515 cars.

As part of efforts to overcome poor sales, GM Korea said it will expand marketing and promotional events in November by allowing consumers interest-free installment purchases for 7 popular car models and also up to 4.5 million won ($4,032) discount.

Kaher Kazem, new chief executive of GM Korea, during a parliamentary audit session last month denied rumors that the U.S. automaker could exit from the Korean market, saying that his company is doing its best to normalize operations.

By Park Chang-young and Lee Eun-joo

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