Car sales in South Korea decline by 35%

Five South Korean carmakers posted a combined 35% year-on-year drop in January sales as demand declined amid the global economic downturn. Hyundai Motor Co., Kia Motors Corp., GM Daewoo Auto and Technology Co., SsangYong Motor Co. and Renault Samsung Motors Corp. sold a total of 312,725 units in January, down from 479,004 units a year earlier. Hyundai, the country’s largest carmaker by sales, saw its domestic sales drop 32% year-on-year to 35,396 units, while exports slid 25% to 143,648 units. Meanwhile, Hyundai’s 39%-owned affiliate Kia posted a 0.1% year-on-year increase in local sales to 22,056 units on robust sales of new models, while exports dropped 46% to 52,859 units. Sport utility vehicle-oriented SsangYong saw its domestic sales and exports plunge in January by 77% and 88% year-on-year respectively, to 1,149 units and 495 units. (February 2, 2009)