April 23, 2024

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[THE INVESTOR] SsangYong Motor said on July 3 that its June sales fell 10 percent last month from a year earlier due to slowing demand in emerging markets.

The South Korean unit of Indian carmaker Mahindra & Mahindra sold 12,697 vehicles in June, down from 14,167 units a year earlier, the carmaker said in a statement.

Domestic sales rose 8.1 percent to 10,535 units last month from 9,750 units a year earlier. But exports plunged 51 percent to 2,162 autos from 4,417 during the same period, the statement said.

In the January-June period, the maker of the Rexton and Tivoli SUVs sold a combined 70,345, down 5.7 percent on-year from 74,577, it said.

Mahindra & Mahindra owns a 72.85 percent stake in SsangYong Motor. It is one of the flagship affiliates of Mahindra Group, a US$18 billion Indian conglomerate with businesses that range from the country’s largest SUV maker to farm equipment and financial services.

By Alex Lee and newswires (alexlee@heraldcorp.com)