SOUTH KOREA: Automakers February output up 6.4%
Output of the five automakers in Korea rose 6.4% year on year in February with strong demand at home and overseas, an industry group said.
Automakers produced 297,350 vehicles last month, compared with 279,368 units a year earlier, the Korea Herald reported, citing the Korea Automobile Manufacturers Association (KAMA).
Sales rose 9.7% as exports jumped 15.2% to 199,048 units with domestic sales rising 1.1% to 107,695 units.
Sales of passenger vehicles dropped 1.5% but a 16.5% spike in sales of commercial cars kept the Korean market growing, according to KAMA.
The automakers said earlier that their global sales in February rose 16.5% from a year earlier, but the figures included vehicles produced and sold in foreign countries.
“Domestic sales in February rose 1.1% from the same period last year despite a rise in oil prices as the launch of new vehicles, including the Kia Morning [Picanto overseas] and Hyundai Grandeur, attracted new buyers,” KAMA said in a press release.
The Morning was the best-selling passenger car with 12,160 units sold in February, followed by the Grandeur, the best-selling mid-size sedan with 11,489 units sold.
“Exports also rose, despite the situation in the Middle East and Africa, on the growing global demand for automobiles and demand for quality vehicles produced in Korea,” KAMA said.