South Korean vehicle sales rise by 25% in December

South Korean vehicle sales rise by 25% in December

South Korean automakers' vehicle sales showed an upward trend in December because of the strong demand coming from the US and China. The country's five automakers sold 467'042 vehicles last month compared with 373'050 units recorded in December 2003. Exports rose by 36% to 369'514 units while domestic sales fell by 3% to 97'528 vehicles. Hyundai and its smaller rivals are increasing production and sales overseas due to the weak orders in domestic markets on the back of tight consumer credit. Hyundai and its affiliate Kia are forming plants overseas as part of plans to become one of the top five automakers in the world by 2010. South Korea's largest automaker Hyundai Motor recorded a 21% rise in its vehicle sales last month as exports to the US and Europe surged. Kia's sales rose by 37% last month to 123'321 units. Automaker's exports reached 103'749 units with a rise of 53% and domestic sales fell by 11% to 19'572 units.