Hyundai Motor Co., South Korea’s leading carmaker, said Monday its August sales slipped 5.3 percent from last year as exports declined.

Hyundai Motor sold 332,963 vehicles in last month, down from 333,264 units a year earlier, the company said in a statement.

Domestic sales gained 4.6 percent to 68,087 units from 55,555 units during the cited period, while overseas sales fell 7.2 percent to 274,876 units from 296,172 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, 16,848 units were sold at home, including 6,187 units of the Grandeur and 6,317 units of the Sonata models. A total of 20,243 SUVs were sold in the country last month.

The company added it sold 10,323 vehicles under its independent luxury brand Genesis
.

Source: Yonhap News Agency