Renault Korea Motors' July Sales Plunge Amid Weak Demand
Quick Look
Renault Korea Motors reported a 58.2% sales plunge in July year-on-year due to weak domestic and overseas demand, but recently expanded its export lineup with the flagship Filante crossover to Latin America.
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Why It Matters
Renault Korea Motors, the South Korean unit of France's Renault S.A., reported a substantial drop in sales for July compared to the previous year. The company recently began exporting its flagship E-segment crossover, Filante, to Latin America.
SEOUL, Aug. 3 (Yonhap) -- Renault Korea Motors Co., the South Korean unit of France's Renault S.A., said Monday its sales plunged in July from a year earlier amid weak demand at home and abroad.
The automaker sold 3,030 vehicles last month, down 58.2 percent from a year earlier, the company said in a release.
Domestic sales fell 57.4 percent on-year to 1,704 units, while overseas sales nosedived 59.2 percent to 1,326 units.
Earlier in the day, Renault Korea said it had exported the flagship E-segment crossover Filante for the first time, broadening its export lineup beyond the Arkana and Grand Koleos.
On Friday, the company shipped 847 vehicles from Masan Port on the southeastern coast to Latin America, including 220 Filante crossovers, 418 Arkana SUVs and 209 Grand Koleos SUVs.
Open Questions
- What caused the weak demand?
- How will Filante exports impact future sales?
- What are the company's strategies to reverse the sales decline?
