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South Korean Automakers Fared Well Last Month
Faring Well
South Korean Automakers Fared Well Last Month
  • By Jung Min-hee
  • June 2, 2016, 03:00
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The exports by the five automakers in South Korea – Hyundai Motor Company, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motors – showed a growth of 3.6% in May from a year ago.
The exports by the five automakers in South Korea – Hyundai Motor Company, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motors – showed a growth of 3.6% in May from a year ago.

 

It has been found that five automakers in South Korea – Hyundai Motor Company, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motors – sold 145,815 cars in the domestic market and 616,166 cars abroad last month. The combined amount does not include their exports of semi-finished products.

Their total sales volume increased by 6.4% from a year ago. The domestic sales volume, in particular, soared by 20% compared to the same period of last year thanks to the extension of a special consumption tax cut and new models. The exports showed a growth of 3.6% during the same period, too.

Due to sluggish overseas sales, their performance used to show a negative growth for a while in spite of a large sales volume in the domestic market. For example, the five carmakers’ overall sales volume declined by 7.2% year on year in April this year as their overseas sales volume fell 9.5%, although the amount rose by 4.2% in the domestic market.

The overseas sales volume for last month is divided into 87,425 in export from plants located in South Korea and 280,828 in supply from manufacturing facilities abroad. The former declined by 6.3% from a year earlier but the latter increased by 16.9% based on the popularity of main items.