Hyundai Motor chalked its least monthly sales worldwide during an entire decade in February 2020 due to the coronavirus epidemic reducing demand, in what's the elemental sign of defeat to the larger auto industry from the outbreak.
It turned during a preliminary sales figure of 275,044 vehicles for the month, 13% below 315,820 vehicles sold a year earlier. Hyundai last reported sales less than this in February 2010. South Korea's Hyundai, which with affiliate Kia Motors is that the world's No.5 carmaker, is that the first major automaker to announce sales for the month. Chinese and U.S. players will turn within their numbers in the coming weeks.
The flu-like virus broke out in mainland China, is responsible for 3000 deaths and ruined global financial markets as corporations and policymakers hold on for a huge kick to world growth.
South Korea has the foremost cases of infections outside the mainland, with the entire at 4,212, affecting companies like Hyundai and Samsung Electronics.
"Inside South Korea is now more urgent than China," Korea Investment & financial analyst Kim Jin-woo wrote during a note.
"With sluggish consumption affecting demand on top of it all, means auto sales are bound to be hit within the half-moon, and therefore the impact expected to continue until at least the beginning of the second quarter."
Hyundai was the primary major automaker to flag successfully to its manufacturing outside China when it halted production reception, its biggest manufacturing base, in February thanks to a shortage of parts from China.
While the South Korean carmaker has slowly revamped production, virus-related challenges still loom. During the last week of February, a worker at its factory complex in the southeastern South Korean city of Ulsan tested positive for the virus, prompting it to shut a factory.
The plant, which makes popular models like the Palisade sport utility vehicle, resumed production on Monday, a Hyundai spokesman said.
South Korean coronavirus cases are mostly detected inside the fourth-largest city of Daegu and as a result the province of North Gyeongsan, home to at least 20% of automotive parts dealers in South Korea, data shows.