South Korea’s automakers post 11% increase in combined sales

Despite a decline in domestic sales, the combined sales of South Korea’s five automakers were up by 11% in March compared to the same period last year, due mainly to high demand overseas. The five companies, Hyundai Motor Co., Kia Motors Corp., GM Korea, SsangYong Motor Co., and Renault Samsung Motors had a combined sale of 722,212 vehicles, up from 649,747 units a year ago. Total exports rose 17% from 516,555 units in March last year, to 602,037 units in March this year. Domestic sales, however, fell by 9.8% from 133,192 units to 120,175 units, because of slower industrial demand. (April 2, 2012)