View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 1, 2005

SOUTH KOREA: Sales rebound in October

South Korean car makers saw their sales rebound in October after strikes dented production in September, with industry leader Hyundai Motor reporting record monthly sales.

South Korean car makers saw their sales rebound in October after strikes dented production in September, with industry leader Hyundai Motor reporting record monthly sales.

According to Reuters, analysts said a post-strike order backlog at Hyundai and Kia Motors, a more stable won currency and solid overseas demand are likely to underpin strong sales for the rest of the year.

Domestic sales growth in October was slow, however, with a fuller recovery in the local economy seen only in 2006.

“Sales numbers returned to normal in October,” said Choi Dae-sik, an analyst at CJ Investment & Securities, told the news agency. “Domestic demand still remains weak, but they are doing well overseas.”

The car industry accounts for a tenth of South Korea’s total exports.

Reuters said October vehicle exports jumped 15.8% from a year earlier to a combined 369,548 units, while domestic sales grew only 3.9% to 97,258 units.

Total sales climbed 13.1% to 466,806 vehicles, a sharp improvement from a 1.1% increase in September but slower than August’s 17% rise, Reuters added.

GM Daewoo has another record month

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Auto