South Korean auto production growsJune 12th, 2012 - 2:17 pm ICT by IANS
Seoul, June 12 (IANS) South Korea’s automobile production grew 3.8 percent in May from a year earlier due to brisk exports and a rise in domestic sales that stemmed from launch of new models, a government report showed Tuesday.
Auto production by the nation’s five carmakers - Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor - reached 403,593 vehicles in May, up 3.8 percent from the same period of last year, according to the ministry of knowledge economy.
Car exports expanded 3 percent on-year to 270,203 units in May due to recovery of sales in the US market, but the growth slowed compared with the April’s 4.1 percent amid growing uncertainties in the European fiscal crisis, the ministry said.
Hyundai Motor and Kia Motors, the main affiliates of the world’s No.5 carmaker Hyundai Motor Group, in May manufactured 172,850 units and 139,665 units respectively, up 7.5 percent and 14.4 percent each from a year before, reported Xinhua.
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