There is no sign for any immediate recovery in vehicle sales of South Korea’s top automaker Hyundai Motor Co. and its sister company Kia Motors Corp. in China after the Hyundai Group car makers’ sales in the world’s biggest auto market halved on year in the January-June period.

According to data released by China Passenger Car Association (CPCA) on Wednesday, Hyundai Motor and Kia Motors together sold 70,017 units in China in July, down 37 percent from 111,021 units a year ago. They together commanded about 4 percent of the Chinese auto market versus more than 9 percent they claimed a year ago. By company, Hyundai Motor sold 50,015 units in the month, down 28.6 percent from 70,016 units a year ago, while Kia Motors sold 20,002 units, 51.22 percent lower from 41,500.

During the first half of 2017, the two companies have reported an on-year drop of 52.3 percent in combined shipments in China after delivering 129,670 units, with Hyundai Motor for 301,277 and Kia Motors for 129,670. Compared to what had happened in the first six months of this year, the two Korean auto companies seemed to have fared better last month. But their sales are still on the downward trend with no sign of any immediate recovery amid ongoing negative sentiment towards Korean brands following Korea’s deployment of United States’ Terminal High Altitude Area Defense (THAAD) anti-missile system.

July is traditionally a slow season for automobile sales so that the fall seemed to have slowed somewhat last month compared to a year ago when their sales were already low, explained an official from Hyundai Motor Group, adding there is no guarantee that the companies would recoup sales in August.

The combined market share of the two Korean carmakers in China was up 1.1 percentage points to 4.3 percent in July from June’s 3.2 percent, but halved from December’s 9.1 percent.

Shares of Hyundai Motor Thursday closed 2.05 percent down at 143,500 won, while shares of Kia Motors closed 1.14 percent down at 34,800 won from the previous session.

By Park Chang-young

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]