SsangYong Motor's Oct. sales plunge 22 pct on weak demand

SEOUL, Nov. 1 (Yonhap) -- SsangYong Motor Co. said Wednesday its sales plunged 22 percent in October from a year earlier due to shorter working days and weak overseas demand.

The carmaker sold 10,744 vehicles in October, down from 13,728 units a year earlier, the company said in a statement.

"As the Chuseok holiday lasted up to nine days in October, SsangYong suffered from a decline in sales. Moreover, exports remained weak last month," a company spokesman said.

Domestic sales fell 22 percent to 7,414 units last month from 9,450 units a year earlier. Exports also declined 22 percent to 3,330 cars from 4,278, the statement said.

SsangYong Motor said it will revive sales by launching the G4 Rexton in Europe, the Middle East and Latin America. The flagship SUV was launched in Britain on Sept. 14.

In the January-October period, the maker of the Rexton and Tivoli SUVs sold a combined 117,395 cars, down 6.4 percent from 125,411 a year earlier, it said.

Indian carmaker Mahindra & Mahindra Ltd. owns a 72.85-percent stake in SsangYong Motor.

kyongae.choi@yna.co.kr
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