Worldwide vehicle sales by South Korea’s five car makers passed the five million mark for the first time last year, company figures released this week showed.
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The Associated Press said combined sales by Hyundai Motor, Kia Motors, GM Daewoo Auto & Technology, Ssangyong Motor and Renault Samsung Motors rose 15.6% to a record-high of 5.22 million vehicles, compared with 4.52 million in 2004.
The total includes sales of vehicles manufactured at overseas plants, the report noted.
AP said the figures showed that exports rose 19.1% to 4.09 million vehicles while local sales grew 4.3% to 1.13 million – the first on-year gain in three years.
The news agency noted that the South Korean car makers have suffered from a slowdown in domestic sales since late 2002 when consumers cut back spending to write down record credit card debt. Analysts expect solid sales this year as well, it added.
According to The Associated Press, Hyundai Motor sold a record 2.53 million vehicles last year, up 11% from 2004. Kia, a Hyundai affiliate, sold 1.27 million vehicles, up 13.9%.
In a statement on Tuesday, Kia said it boosted overseas sales 22.6% last year.
GM Daewoo, the South Korean unit of General Motors Corp., sold 1.16 million vehicles, 28.6% more than in 2004, according to AP.
Ssangyong Motor’s sales rose 4.2% to 141,306, while Renault Samsung Motors sold 119,035 vehicles for an increase of 39.9%, The Associated Press added.
