Hyundai Motor, South Korea’s biggest carmaker, said on Wednesday its sales fell 3.7 per cent last month from a year earlier on weak overseas demand.

Hyundai Motor sold 343,824 vehicles in September, down from 357,133 units a year earlier, the company said in a statement.

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Domestic sales rose 3.5 percent to 55,805 units from 53,911 during the cited period, while overseas sales declined 5 percent to 288,019 from 303,222, the statement said, reports Yonhap news agency.

“In particular, high lending rates suppressed vehicle demand and increased incentives to woo customers from rivals weighed on the monthly results in overseas markets,” it said.

Hyundai said it will flexibly respond to changes in global markets by adjusting production and sales systems depending on local conditions.

While focusing on increasing sales of high-end models, Hyundai plans to launch the Casper Electric, named Inster for overseas markets, in global markets and develop gasoline hybrid models amid the slowdown in electric vehicles.

From January to September, its sales declined 1.6 percent to 3,075,861 autos from 3,127,036 during the same period last year.

Domestic sales dropped 8.5 per cent to 515,605 autos in the first nine months from 563,519 units a year earlier. Its overseas sales were down 0.1 percent to 2,560,256 from 2,563,517 during the same period.

Meanwhile, Kia said its sales fell 4.5 per cent last month from a year earlier due to weak domestic demand. Kia sold 249,842 vehicles in September, down from 261,479 units a year ago on decreased production and fewer working days due to the Chuseok holiday.

Domestic sales declined 14 per cent on-year to 38,140 units last month from 44,123, while overseas sales were also down 2.7 percent to 211,002 from 216,792 during the cited period, it said.

The monthly sales figures include special-purpose vehicle sales results.

In the fourth quarter, the company plans to boost sales by launching the upgraded Sportage SUV along with the planned global launch of the all-electric EV3 compact SUV.

From January to September, sales dropped 1.5 per cent to 2,319,332 autos from 2,354,229 units in the same period of last year.