SsangYong Motor’s July sales slump 11 pct as exports fall

SEOUL-- SsangYong Motor Co. said Tuesday its July sales fell 11 percent from a year earlier on lower overseas demand.

The South Korean unit of Indian carmaker Mahindra and Mahindra Ltd. sold 11,413 vehicles in July, down from 12,784 units a year earlier, the carmaker said in a statement.

Domestic sales rose 15 percent to 8,658 units last month from 7,546 units a year earlier. But exports plunged 47 percent to 2,755 cars from 5,238, the statement said.

In the January-July period, the maker of the Rexton and Tivoli SUVs sold a combined 81,758, down 6.4 percent on-year from 87,361, it said.

Mahindra and Mahindra owns a 72.85 percent stake in SsangYong Motor. It is one of the flagship affiliates of Mahindra Group, a US$18 billion Indian conglomerate with businesses that range from the country's largest SUV maker to farm equipment and financial services.

Source: Yonhap News Agency

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