Hyundai global sales hit a low in a decade due to coronavirusMarch 3, 2020
Hyundai Motor’s global sales in February fell to its lowest level in ten years, as concerns over the coronavirus scared buyers away.
Hyundai talked about sales of 275,044 cars in February, which is 13% less than a year ago, while domestic sales decreased by 26%. The last time it was reported that monthly sales were lower than in February 2010. Kia Motors affiliate company reported a 5% drop in global sales.
“People are afraid because of the coronavirus, and no one comes out … dealer traffic itself is almost zero,” says Esther Yim, an analyst at Samsung Securities.
“I believe that in China, about 80% of Hyundai dealerships did not work in February. “China is not yet completely free of travel restrictions, so it will be difficult until April.”
The flu virus killed nearly 3,000 people, mostly in China, and has agitated global financial markets as investors and politicians prepare for a sharp hit.
According to Statistics Korea, cases in South Korea are concentrated in Daegu, the fourth largest city and North Gyeongsang Province, where about 20% of all providers live in the country.
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