Carmakers to promote new models in Q4 amid pandemic

South Korean carmakers are set to launch aggressive promotions to boost sales with new vehicles in the fourth quarter to offset weak sales in the previous three quarters amid the coronavirus outbreak, industry sources said Monday.

The country's five carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- reported an 18 percent on-year decline in sales to 4.2 million vehicles during the January-August period.

Their domestic sales rose 5.1 percent on-year to 1 million units in the first eight months, but their overseas sales plunged 24 percent to 3.2 million units as the COVID-19 pandemic continues to weigh on consumer sentiment.

The carmakers are planning to launch their new and upgraded models in the fourth quarter to absorb pent-up demand following the summer holiday season.

Hyundai Motor, the country's biggest carmaker by sales, said it will launch a new Tucson sport utility vehicle and the face-lifted G70 sedan under its independent Genesis plaque this month.

Kia Motors, which is 34 percent owned by Hyundai, said it will focus on increasing sales of the all-new Carnival minivan, the Sorento SUV and the K5 midsize sedan in the fourth quarter.

Renault Samsung and GM Korea plan to promote their ZOE all-electric car and the upgraded Colorado pickup truck, respectively.

SsangYong Motor plans to launch the face-lifted Tivoli Air SUV in the domestic market on Wednesday. (Yonhap)