China’s backlash over the deployment of a US missile shield is denting sales at South Korean carmakers, amid heightened competition with fast-growing local automakers.
Hyundai Motor and its affiliate Kia Motors, which together rank as the world’s fifth-largest automaker, reported sliding China sales last month and have responded by cutting production in the country.
Hyundai on Monday reported a 7.8 per cent year-on-year fall in March overseas sales, blaming “weaker sales in China” amid political tension over Seoul’s installation of the Terminal High Altitude Area Defence (Thaad) system. Kia’s overseas sales for March contracted 12.5 per cent year on year.
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