Global car sales by S. Korean firms decline

Global car sales by South Korean automakers fell in 2017 on weak exports and soft demand in the local market, industry data showed on Tuesday. Global car sales by Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong totaled 8,196,053 units in 2017, down 6.9 percent from the previous year. Car sales in the domestic market shed 2.4 percent over the year to 1,550,080 vehicles, while auto exports declined 7.9 percent to 6,645,973 units. The weakness of car sales in the domestic market was attributed to the still lackluster domestic economy and soft demand for locally made automobiles.