Seoul: Renault Korea Motors, the South Korean subsidiary of France's Renault S.A., reported a significant 42 percent decline in sales for October compared to the same month last year, attributing the drop to reduced demand for its models.
According to Yonhap News Agency, the company recorded sales of 7,201 vehicles in October, a decrease from the 12,456 units sold during the same period the previous year. The decline was observed in both domestic and international markets, with domestic sales falling 40 percent to 3,810 units from 6,395, and exports decreasing by 44 percent to 3,391 from 6,061.
The company noted that gasoline hybrid models accounted for nearly 70 percent of the vehicles sold both domestically and internationally last month. In response to the sales downturn, Renault Korea aims to boost sales by expanding the export markets for its Grand Koleos sport utility vehicle (SUV). Since May, the flagship SUV has been available in 24 markets, and the company plans to introduce it to additional markets in Latin America and the Middle East.
From January to October, Renault Korea's overall sales experienced a slight decline of 0.6 percent, reaching 76,646 units compared to 77,112 in the previous year. During this period, domestic sales saw a substantial increase of 73 percent to 43,925 vehicles from 25,437, while exports fell 37 percent to 32,721 from 51,675.
Renault Korea's current product lineup features the SM6 midsize sedan, the Grand Koleos midsize SUV, the Arkana SUV, and the Master minivan.