South Korea’s used vehicle exports show significant increase
In the first two months of 2004, South Korea's three major automakers' used vehicle exports soared by nearly 300%, according to Korea Automobile Manufacturers Association (KAMA). KAMA stated that the exports of GM Daewoo Auto & Technology Co., Hyundai Motor Co. and Kia Motors Corp. amounted to 89'026 units in January and February. This figure indicates an increase of 297.7% compared to the same period of last year. The automakers' used vehicle exports reached 51'226 units in February, up by 35.5% compared to February 2003. South Korea's largest automaker Hyundai Motor reported its February exports as 38'530 units with an increase of 289.4%. However, GM Daewoo surpassed Hyundai in February exports by reporting 45'240 units. The country's used vehicle exports were expected to rise by 33.5% to 480'000 units at the beginning of this year. However, it seems that the annual volume could reach 600'000 units.