Hyundai Motor Co., South Korea’s leading carmaker, said Monday its July sales slipped 1.4 percent from last year due to unfavorable market conditions, such as high interest rates and strong market competition.

Hyundai Motor sold 332,003 vehicles in July, down from 336,655 units a year earlier, the company said in a statement.

Domestic sales fell 2.6 percent to 56,009 units from 57,503 units during the cited period, while overseas sales shed 1.1 percent to 275,994 units from 279,152 units.

A company official said its sales were affected by a demand slowdown caused by high interest rates and intensified market competition.

“We plan to strengthen our production and sales systems to align with local demand and policies and respond flexibly to market changes in different regions,” the official added.

In the sedan category, 16,069 units were sold at home, including 6,287 units of the Grandeur and 5,532 units of the Sonata models. A total of 17,986 SUVs were sold in the country last month.

The company added it
sold 10,703 vehicles under its independent luxury brand Genesis.

Source: Yonhap News Agency