SOUTH KOREA: Hyundai sales static in February
Hyundai Motor reported on Wednesday that its February vehicle sales were nearly unchanged from a year earlier, as strong exports were almost offset by falling local sales.
Reuters said Hyundai, which controls half the domestic market, saw a dip in local sales last month due to fewer working days, as the Lunar New Year holiday fell in February this year, compared with in January in 2004.
But Hyundai saw steady growth in overseas markets, especially in India and China, a company spokesman told the news agency.
Hyundai reportedly sold 165,075 vehicles in February, down 1% from 166,676 units sold a year ago - exports rose 7.2% to 130,856 units while domestic sales tumbled 23.2% to 34,219.
"The marginal fall in overall sales was mostly due to fewer working days last month," a Hyundai official told Reuters. "Otherwise, we saw a strong performance in foreign markets such as India and China."
According to the news agency, analysts have said higher steel prices and a stronger won, which makes Korean vehicles more expensive overseas, was dampening Hyundai's outlook.