Korean Car Sales Up in December 2004
South Korean automakers sold 25 percent more vehicles in December 2004, compared to a year ago. The manufactures cite the demand in the United States and China .
According to the International Herald Tribune, the nation's five carmakers sold 467,042 vehicles last month, compared with 373,050 a year earlier. Exports rose 36 percent to 369,514 units, while domestic sales fell 3 percent to 97,528 vehicles.
Hyundai and its smaller rivals are raising production and sales abroad as orders at home decline because a tightening of consumer credit left many people unable to afford new vehicles. Hyundai and Kia are building plants overseas as part of plans to become one of the top five automakers in the world by 2010.
Hyundai Motor sold 21 percent more vehicles last month as exports to the United States and Europe surged and domestic demand rebounded. Hyundai Motor sold 230,437 models in December, the carmaker said in a filing to the Korea stock exchange. Exports, including sales from its factories in China, India and Turkey, rose 27 percent to 179,364 vehicles, while sales at home rose 4.6 percent to 51,073.
Kia's sales rose 37 percent last month to 123,321 units. Its exports rose 53 percent to 103,749 vehicles and domestic sales fell 11 percent to 19,572.
Hyundai Motor said on Dec. 29 that it planned to make 150,000 vehicles at its plant in Montgomery, Alabama, which will open in March. That is 61 percent more than its original forecast and put the automaker on target to make 300,000 vehicles in 2006.
Hyundai Motor said Monday that group sales, including those of Kia, would rise 17 percent to 84.9 trillion won, or $81.9 billion, this year on increased exports. The company forecast revenue to rise 12 percent to 36.2 trillion won and unit sales to rise 14 percent to 2.4 million cars in 2005. Kia projected a 25 percent increase in revenue to 20.1 trillion won and unit sales to increase 24 percent to 1.3 million.
GM Daewoo Auto & Technology, a South Korean automaker formed by General Motors and its partners, sold 91,468 of its Magnus, Kalos and other models last month, 32 percent more than a year earlier. Exports rose 36 percent to 81,388 units and domestic sales rose 6.2 percent to 10,080.
Ssangyong Motor, South Korea's fourth-largest automaker, sold 11,170 units in December, 21 percent fewer than a year earlier.
Renault Samsung Motors, which is 70 percent owned by Renault of France, said sales rose 19 percent to 10,646 vehicles, with domestic sales up 18 percent to 10,433 units. Exports rose to 213 vehicles from 56 a year ago.
According to the International Herald Tribune, the nation's five carmakers sold 467,042 vehicles last month, compared with 373,050 a year earlier. Exports rose 36 percent to 369,514 units, while domestic sales fell 3 percent to 97,528 vehicles.
Hyundai and its smaller rivals are raising production and sales abroad as orders at home decline because a tightening of consumer credit left many people unable to afford new vehicles. Hyundai and Kia are building plants overseas as part of plans to become one of the top five automakers in the world by 2010.
Hyundai Motor sold 21 percent more vehicles last month as exports to the United States and Europe surged and domestic demand rebounded. Hyundai Motor sold 230,437 models in December, the carmaker said in a filing to the Korea stock exchange. Exports, including sales from its factories in China, India and Turkey, rose 27 percent to 179,364 vehicles, while sales at home rose 4.6 percent to 51,073.
Kia's sales rose 37 percent last month to 123,321 units. Its exports rose 53 percent to 103,749 vehicles and domestic sales fell 11 percent to 19,572.
Hyundai Motor said on Dec. 29 that it planned to make 150,000 vehicles at its plant in Montgomery, Alabama, which will open in March. That is 61 percent more than its original forecast and put the automaker on target to make 300,000 vehicles in 2006.
Hyundai Motor said Monday that group sales, including those of Kia, would rise 17 percent to 84.9 trillion won, or $81.9 billion, this year on increased exports. The company forecast revenue to rise 12 percent to 36.2 trillion won and unit sales to rise 14 percent to 2.4 million cars in 2005. Kia projected a 25 percent increase in revenue to 20.1 trillion won and unit sales to increase 24 percent to 1.3 million.
GM Daewoo Auto & Technology, a South Korean automaker formed by General Motors and its partners, sold 91,468 of its Magnus, Kalos and other models last month, 32 percent more than a year earlier. Exports rose 36 percent to 81,388 units and domestic sales rose 6.2 percent to 10,080.
Ssangyong Motor, South Korea's fourth-largest automaker, sold 11,170 units in December, 21 percent fewer than a year earlier.
Renault Samsung Motors, which is 70 percent owned by Renault of France, said sales rose 19 percent to 10,646 vehicles, with domestic sales up 18 percent to 10,433 units. Exports rose to 213 vehicles from 56 a year ago.
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