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March 3, 2011updated 08 Apr 2021 8:13am

SOUTH KOREA: Exports boost automakers in February

Improving overseas shipments boosted five South Korean carmakers’ sales in February, according to industry data.

Improving overseas shipments boosted five South Korean carmakers’ sales in February, according to industry data.

Compared to February 2010, Hyundai Motor’s sales increased 12.1% to 281,000 units, the Korea Herald said.

Hyundai ’s overseas sales rose 14.8% while domestic sales increased by less than 500 units or 0.9%.

Kia Motors saw the second highest rate of export increase at 31% to about 138,000 units.

Domestic sales grew at a slower rate of 17.5% lowering the overall year-on-year growth rate to 27.8%.

Hyundai and Kia ’s expansion in overseas markets was particularly visible in the US.

According to the companies, Hyundai Motor America sold 43,533 vehicles in February, up 28% from a year earlier, while Kia saw an increase of 36.4%.

Among the country’s five carmakers, Ssangyong exports increased at the highest rate of 62.4%, pushing up the SUV specialist’s overseas sales to 4,332 units.

Including domestic sales, which increased 20.6% over the same period, Ssangyong’s February sales rose 44.4%.

February brought mixed results for GM Korea and Renault Samsung.

While GM Korea’s domestic sales declined 6.3%, an increase of 21.1% in exports pushed up the carmaker’s overall February sales by 16.4% from a year earlier.

Renault Samsung, however, saw its overall sales decline by 11.7% despite exports rising by nearly 3,000 units from a year ago, held back by a massive 5,000 unit cut in domestic sales.

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