It has been found that domestic auto sales for January 2013 plummeted by 23% from a month earlier as the reduction of the individual consumption tax ended. The sales are expected to be stagnant during the first half of this year with the economic recession lingering.
According to industry sources, the five automakers in Korea sold a combined total of 104,377 units of cars in January this year, 8.2% up year on year. The sales increase is attributed to the larger number of business days compared to the first month of 2012.
By company, Hyundai Motor Company and Kia Motors sold 50,211 and 36,250 units of vehicles in that month to record a 20.4% and 22.1% decrease, respectively. GM Korea’s and SsangYong Motor Company’s sales declined 29.7% and 24.8% each to 10,031 and 4,035, too. Renault Samsung’s figure dropped 39.9% to 3,850 units.
The five companies’ domestic and overseas sales added up to 756,831 units, increasing 22.3% when compared to the same month of the previous year. With the exception of Renault Samsung, the sales of which plummeted 60% year on year, the domestic sales and exports increased for all of the other four.