Car sales rise 8.9% in November in South Korea

South Korea’s auto sales went up by 8.9% in November from a year earlier due mainly to the government-led tax reduction policy. Brisk sales at home and abroad also contributed to the increase.
The country’s five carmakers led by industry leader Hyundai Motor Co., had combined sales of 778,727 vehicles in October, compared with 714,747 units sold a year ago. Domestic sales led the overall sales increase, with a 12.2% year-on-year increase, with 129,363 units sold. Overseas shipments rose by 8.3% year-on-year to 649,363 vehicles, including complete knock-down (CKD) kits.
The other four automakers are Kia Motors Corp., GM Korea, Renault Samsung Motors Co. and Ssangyong Motor Co.
After suffering a drop in demand for two straight months in July and August, November auto sales marked positive growth for a third consecutive month. Car sales began to turn around in September with a 0.3% gain from a year earlier.
“The government-led tax-cut program and many new models gave a boost to domestic car demand,” said an official from Hyundai Motor. “The increasing demand will continue next month until the end of the year when the government program ends.” (December 3, 2012)