South Korea report: domestic market perks up [Yahoo! Finance]
RENAULT SA UNSP/ADR (RNLSY)
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Source: Yahoo! Finance
to preliminary data released individually by the manufacturers. The data do not include sales by South Korea's low-volume commercial vehicle manufacturers including Tata-Daewoo and Edison Motors, while import brands are covered in a separate report later in the month. The domestic market has improved significantly in the last few months, after a weak first half of year, with October's volumes also 17% higher compared with sales in September. New launches of electrified models have helped drive up demand, while consumer sentiment has also been lifted the central bank's 25 basis point interest rate cut in October. This was the first since 2020 and followed a sharp slowdown in GDP growth in the third quarter, to 1.5% year-on-year from 2.3% in the second quarter - which was well below expectations. Cumulative ten-month domestic vehicle sales were down by over 7% at 1,119,206 units from 1,206,654 units a year earlier, with Hyundai's sales declining also by more than 7% to 580,517 units
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