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Korean Automakers’ Exports Showed Negative Growth Contrary to Local Sales in Feb.
Slower Export
Korean Automakers’ Exports Showed Negative Growth Contrary to Local Sales in Feb.
  • By Jung Min-hee
  • March 3, 2016, 01:30
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Cars are parked at Pyeongtaek's Dangjin Port.
Cars are parked at Pyeongtaek's Dangjin Port.

 

Last month, Korean automakers succeeded in increasing their sales in the domestic market by means of new models and a reduction in individual consumption tax whereas their exports declined due to the slowdown of emerging economies such as China. In February this year, their overall sales volume fell approximately 2.5% from a year ago.

Specifically, the companies sold a total of 110,616 cars in the domestic market and exported 519,288 cars last month. The former showed an increase of 7.18% from a year earlier while the latter decreased by 4.37%.

 Hyundai Motor Company’s sales volume declined by 6.6% to 336,200 units, divided into 48,844 in Korea and 287,356 abroad. The domestic sales increased 4.2% whereas the overseas sales fell 8.2%. Kia Motors sold 223,160 units to post a sales growth of 0.7%.

 GM Korea increased its sales volume by 13.3% to 44,610. Renault Samsung Motors sold 4,263 and 11,097 cars in the domestic and overseas markets, respectively. Ssangyong Motors’ volume totaled 10,574. In the meantime, the Hyundai Motor Group’s U.S. sales volume reached 102,746 last month, the highest level among its February sales volumes.