Automotive Industry
The Ministry of Trade, Industry & Energy announced on Dec. 7 that the domestic car sales volume increased by 14.4 percent from a year ago to 165,570 last month based on the release of new models, individual consumption tax cut and popularity of multi-purpose vehicles.
The total vehicle production by automakers in Korea decreased by 2.8 percent year on year to 395,004 and their exports declined by 3.5 percent to 263,687 due to the recession in the emerging markets that includes Russia and Latin America.
Hyundai Motor Company recorded a sales growth rate of 14.5 percent in the domestic market. The percentage was 18.7 percent for Kia Motors, 23.8 percent for GM Korea, 4.8 percent for Renault Samsung Motors and 16.8 percent for Ssangyong Motors.
In the meantime, the auto parts exports from Korea rose by 1.8 percent from a year earlier to US$2.04 billion, which is attributable to an increase in the sales of Korean cars in the United States, China, India, etc.