Korean carmakers posted significant increases in August sales fueled by rising overseas demand.
Go deeper with GlobalData
Of the five, Ssangyong Motor, the smallest, saw the largest increase with August figures more than tripling from a year earlier, helped by strong overseas demand for its large sport utility vehicles.
The company sold a total of 6,534 vehicles last month, compared with 2,012 units a year earlier. The company‘s sales slumped in August 2009 amid a prolonged strike and occupation of its plant by workers that lasted nearly 100 days from May to August, the Korea Herald noted.
Ssangyong’s domestic sales increased 166% from a year earlier to 2,506 units last month, and its exports rose to 3,668 units from 1,072 units.
In terms of year-on-year increase, Kia Motors followed with 55% increase fueled by strong sales in domestic and overseas markets. Kia sold 150,541 vehicles last month, compared to 97,080 units a year earlier. Domestic sales jumped 53% to 38,620 units in the period, and exports soared 56% to 111,921 units, it said.
Hyundai Motor posted a 17% increase from a year earlier. With the increase, the company’s sales – domestic and overseas – came in at 288,313 units.
Over the same period, Renault Samsung Motors saw an increase of 34% on the back of strong overseas demand that more than offset a decline in domestic sales. Renault Samsung sold 18,889 units last month, the company said in a statement.
Domestic sales dropped 5.3% to 10,153 units, but exports more than doubled to 8,736 units.
GM Daewoo Auto & Technology said August sales increased 26.3% from a year earlier on strong overseas demand.
The automaker sold 48,219 vehicles last month. Domestic sales increased 28.3% to 9,128 units in August with exports jumping 26% to 39,091 units. The company also exported 79,813 assembly kits.
