June 1, 2020 / 7:15 AM / a month ago

Hyundai Motor's May sales fall sharply y/y on COVID-19 impact

Employees of Hyundai Motor walk past the company's logo after the company's New Year ceremony in Seoul, South Korea, January 2, 2018. REUTERS/Kim Hong-Ji/Files

SEOUL (Reuters) - South Korea’s Hyundai Motor Co (005380.KS) said on Monday its provisional May sales fell 39% year-on-year to 217,510 vehicles globally, as the coronavirus outbreak continued to hit demand in key markets.

Sales were, however, up about 30% from 167,693 vehicles in April.

Its domestic sales rose 5% year-on-year, led by popular models such as the Grandeur sedan and new models such as all-new Elantra and premium brand Genesis’ G80 sedan.

However, overseas sales fell 50% on year due to weak auto demand from slowing economic activities stemming from COVID-19, the automaker said in a statement.

South Korea’s May auto exports fell 54% on year despite the sequential resumption of sales at dealerships in major countries, due to increased inventory from low sales in the previous month and decreased demand in major markets such as the U.S. and Europe, the trade ministry said in a separate statement on Monday.

Hyundai Motor’s sister company Kia Motors (000270.KS) announced provisional May sales of 160,913 vehicles, down 33% from a year ago, while its domestic sales rose 19% on year, overseas sales fell 44%.

Together, they are the world’s fifth-largest automaker.

Reporting by Joyce Lee; Editing by Himani Sarkar and Rashmi Aich

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