SOUTH KOREA: All automakers see October sales rise
All five South Korean carmakers saw their October sales increase from a year ago, fueled by increasing local and overseas demand, with Ssangyong Motorleading in terms of year on year rise.
Ssangyong said October sales increased by 60.8% to 7,445 units, the highest this year, aided by exports more than doubling from the same month last year. October exports jumped 143.5% from a year earlier to 4,491 units, while domestic sales rose 6% to 2,954 units.
Kia Motors followed with a year-on-year increase rate of 28.7%. October sales rose to 192,499 units 43,147 locally and 149,352 in overseas markets. Exports rose at a faster rate of 31.5% while domestic sales increased 19.8%, the Korea Herald reported.
GM Daewoo Auto and Technologysaw its sales increase by 23.9% from a year ago as rising exports offset a decline in domestic sales, pushing up the October figure to 69,064 units compared to 55,732 units recorded a year ago. Domestic sales dropped 6.3% to 11,589 units but exports jumped 32.5% to 57,475 units.
Renault Samsung Motors booked a 22.1% year on year increase rate, buoyed by exports soaring by 59.2% to 12,592 units. The company’s domestic sales, however, declined by 1.3% over the same period to 24,996 units.
Hyundai Motor reporteda 10.4% rise in October sales. It attributed this to increasing sales in overseas markets where October sales improved by 15.2% to about 258,000 units. Over the same period, the company’s domestic sales slipped 5.8% to come in at about 63,000 units.