Big car discounts in China - Korea JoongAng Daily
Hyundai Motor and Kia Motors have decided to offer their biggest discounts ever - up to 30 percent of the sticker price - to boost plunging sales in China. According to sources in the industry, Dongfeng Yueda Kia, a joint venture established by Kia Motors and a Chinese company, decided to offer a 50,000-yuan ($8,055) discount on all of its old Sportage SUV models, which the company rolled out in... The SUV, normally priced between 144,800 and 229,800 yuan, will go for 109,800 to 146,800 yuan. Beijing Hyundai also decided to cut the price of the Tucson SUV, which is being sold as the ix35 in China, by 23,000 yuan, as the company will start selling new Tucsons next month. Some think the discounts being offered in China are too extreme because the companies generally have been offering cuts of about 4 million won ($3,400) on models that are becoming obsolete in overseas markets. The two companies sold a total of 813,386 units combined in the first half this year, a 5. 8 percent drop from a year earlier, and the struggle continued in July. Hyundai Motor only sold 54,160 cars last month, a 32 percent drop from a year earlier, while Kia Motors sold 30,008 units, a 33. 3 percent drop. Source: koreajoongangdaily.joins.com
