S. Korea’s auto sales surpass 5 million units
South
Korea's worldwide auto sales exceeded 5 million units for the first time in 2005 due to the rising exports.
Data provided from Hyundai Motor Company, Kia Motors Corporation, GM Daewoo Auto & Technology Company, Ssangyong Motor Company and Renault Samsung Motors Corporation show that the five domestic automakers had combined overseas and domestic sales of 5.22 million units in 2005.
Exports rose 19.1 percent year on year to 4.1 million units last year. In addition, domestic sales increased 4.3 percent to 1.1 million units, the first year-on-year gain in the last three years.
South Korean automakers suffered from a slowdown in domestic sales since 2002 as consumers cut back spending to write down record credit card debt.
Sector analysts expect that solid sales to retain this year as well.