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Korea’s car shipments to China tumble on THAAD spat

Collected: 2017.04.05

Distributed: 2017.04.06

Source: Go Direct

Sales of South Korean car brand plummeted in March in China amid growing antagonism toward Korean-made goods following the decision to install U.S. Terminal High Altitude Area Defense (THAAD) antimissile battery in Korea.

Combined sales of Hyundai Motor Co. and Kia Motors Corp. vehicles in China last month reached 72,032 units, down 52.2 percent from a year earlier, the companies said Monday in a statement.

China turned decisively hostile towards South Korea when retail giant Lotte Group signed a land swap deal early March, making the installation more or less final. State media outright called on the Chinese people boycott not only Lotte brands but also other Korean products. Photos of vandalized Hyundai cars went around the internet.

Rivals are capitalizing on the ill fortune of Korean brands. Some Chinese dealerships of Volkswagen AG are offering discounts from 3,000 yuan ($436.5) to 16,000 yuan if drivers change into their cars from Korean brands. Some Chinese automakers purportedly give out a “gift of patriotism” to anyone who cancels purchase of a car made by Korean manufacturer.

The reduced sales in the world’s largest market that is responsible for over a quarter of overseas shipments by the two would likely dent their income statement this year.

By Park Chang-young

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