South Korean sales rose 37% in February, according to Reuters, giving rise to expectations that total sales for the year will reach new record levels.
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February sales reached 444,506 vehicles, up from 323,459 in February 2005. Exports accounted for 356,387 units, up 42%, and domestic sales totalled 88,119 units, up 22%.
The rise in domestic demand is particularly welcome as exports and OEM profits are likely to be hit by the strength of the won which has risen 3.8% against the dollar so far this year, compared with a 2.7% gain for the whole of 2005.
Hyundai sold 204,110 vehicles in February, up 23%, thanks to strong sales of new premium models such as the TG Grandeur and NF Sonata. Its domestic market share was 52% with domestic sales of 45,486, up 33%. Hyundai also produced 59,221 cars overseas.
Kia sales rose 44% 115,774 cars.
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By GlobalDataGM Daewoo sales rose 75% to 102,971. The strength of this increase was attributed to the launch of the Tosca (aka Chevrolet Epica) premium sedan last month.
Renault Samsung Motors reported a 38% rise in February sales to 12,192 cars.
Ssangyong was the only company to report a fall in sales, to 9,459 vehicles (-8%).
The Korea Times said that 23.9% of all cars with an engine capacity of three litres or more are imports. 11,350 vehicles in this segment were imported, out of a total segment size of 47,296. This compares with a 7% share five years ago.
A total of 30,901 imported cars were sold in South Korea last year.
