According to "Automotive News", South Korean car Ssangyong Motor expects that Brexit will lead to a decline in car sales to the UK, so it will develop the Chinese and American markets.
Shuanglong Automobile CEO Vasudev Tumbe said in an interview in Seoul that the exchange rate fluctuation caused by Brexit shocked the car sales of the car to the UK. The exchange rate of the Korean won against the British pound has increased by 16%, which has forced the export prices of Asian countries to increase, while also reducing the profits returned to Korea.
Ssangyong spokesman Choi Jin Woong said that in the first seven months of 2016, the UK contributed 8.3% of Ssangyong's total sales. The car company is controlled by Mahindra & Mahindra Ltd. (M&M), which does not currently export vehicles to the United States and exports only a small number of vehicles to China.
Tumbe said that Ssangyong Motor is considering building a plant in China, but it is still too early to elaborate on the entire plan. Hyundai and Kia Motors have already set up production capacity in China, which has prevented them from consuming heavy taxes on imported cars.
In the first half of 2016, Ssangyong's global delivery volume increased by 7%, exceeding the 2% increase of Hyundai Motor and the 2.3% increase of Kia Motors. Ssangyong Motor's share price fell 5.7% this year, lower than Hyundai Motor's 11% decline and Kia Motors' 20% decline.
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