Renault Korea’s sales plunge 81.4 pct in January

Renault Korea Motors, the South Korean unit of Renault S.A., said Thursday its January sales plunged over 80 percent on-year due to overseas shipping difficulties following tensions in the Red Sea. Renault Korea sold 1,871 vehicles in January, down 81.4 percent from a year earlier due to logistical uncertainties arising from the Red Sea in the Middle East following the conflict between Israel and Hamas. The company said its monthly exports plunged 97.1 percent to 226 units, while domestic sales also dropped 22.3 percent to 2,116 units. Lee Seon-hee, head of Renault Korea's logistics operation, said the company was "concerned with the long-term decline in export competitiveness of the company and its partners" due to rising logistics burdens and added costs from tensions in the Red Sea. Source: Yonhap News Agency