S. Korean automakers continue growth momentum

The five major South Korean automakers once again witnessed impressive sales growth during July and the first seven months of 2010 thanks to recovering volumes in most overseas markets, which more than offset the lower-than-expected demand domestically. The Hyundai-Kia Automotive Group again dominated as the country’s biggest-selling automaker during the period. Although Hyundai saw its domestic sales fall by 19.1% year-on-year (y/y) in July to 49,055 units, exports once again surged to 244,405 units (up 21% y/y), leading to an overall increase of 11.8% y/y to 293,460 units. (August 2, 2010)