Strike Action Leads To Drop In Exports
News: South Korean carmaker Hyundai Motor's auto exports to the US dropped 25% month-on-month (m-o-m) in July, owing to strike action at its South Korean plants, reports InAutoNews. The company posted a production loss of 60,511 cars in July, worth around KRW1.26trn (US$1.1bn) as a result of partial strikes in July and August. The company's exports fell to 27,101 units in July, compared with 36,209 units exported in June.
BMI View: Despite healthy overseas demand, we forecast total domestic sales will drop over 8% this year, with 1.348 units shifted. This has prompted BMI to revise sales and production forecasts for the year downward.