South Korea’s auto sales rebound

March 2nd, 2012 - 4:38 pm ICT by IANS  

Seoul, March 2 (IANS) South Korea’s automobile sales rebounded last month as domestic sales were enhanced amid rising working days, carmakers said Friday.

Global car sales by the nation’s five automakers, including Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor, reached 689,915 vehicles in February, up 28.3 percent from a year earlier. From a month before, global auto sales expanded 11.5 percent, reported Xinhua.

The February rebound came after the sales posted a 1.7 percent on-year contraction in January. The rebound was mainly attributed to a recovery in domestic demand, which drove down car sales the previous month.

Domestic auto sales by the five carmakers came in at 112,905 units in February, up 5.6 percent from the previous year. The Lunar New Year holiday that moved to January this year from February last year raised February’s working days, helping local car sales recover last month.

Overseas sales, including cars exported from South Korea and vehicles assembled in overseas plants, came to 577,010 units in February, up 34 percent from a year earlier. By company, global car sales by Hyundai Motor reached 360,979 vehicles in February, up 28.3 percent from a year earlier. Local sales grew 8.6 percent to 53,647 units, and overseas sales expanded 32.5 percent to 307,332 units.

Global sales by Kia Motors came in at 240,124 units in February, up 35.5 percent from the previous year. Domestic sales increased 2.5 percent to 40,012 units, and overseas sales surged 44.7 percent to 200,112 units.

Meanwhile, sales of GM Korea and Ssangyong Motor expanded 14.7 percent and 30.9 percent each in February on an on-year basis, but those of Renault Samsung Motors contracted 2.4 percent.

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |