Kia sales plunge in China amid dealer inventory spat

Home > Business > Industry

print dictionary print

Kia sales plunge in China amid dealer inventory spat

Kia Motors, Korea’s second-largest carmaker, saw its sales in China last month plunge 38.9 percent, amid a dispute with some of its Chinese dealers over inventory, company and industry sources said Sunday.

The automaker’s sales fell to 30,080 vehicles in January in China, from 49,259 vehicles in December.

Industry sources suggested that Kia may seek to reduce its unsold cars before it begins selling new models.

The sharp decline in China sales came as some dealers reportedly asked Kia to compensate them for losses that stemmed from unsold cars. Yoo Ji-woong, an analyst at eBest Investment & Securities, said in a report that Kia’s sales in China were partly hit by a decline in production as dealers demanded to be compensated. Yonhap

More in Industry

EuCorVac-19 vaccine gets greenlight for trials

Tesla model to lose government subsidies

Jailed Lee vows to support Samsung compliance committee

Samsung Display will make display with higher refresh rate

Clean start to the Lunar New Year

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now