[Aju News DB]
Auto sales in South Korea surged 10.9 percent in the first half of this year from a year earlier, industry data showed Friday, an increase that could be attributable to a temporary tax cut on cars.
The combined sales of five automakers operating in South Korea came to 812,265 units in the January-June period, higher than the 732,688 units tallied a year earlier, according to the data provided by each company.
The five are Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Co. and Ssangyong Motor Co. The figures exclude complete knockdown kits that are assembled abroad.
The rise in domestic sales is attributed to the consumption tax cut program on passenger cars that the government extended in February to June to try to bolster domestic demand in Asia's fourth-largest economy.
In August last year the government slashed excise taxes by 30 percent on cars and large household appliances dropping them down to 3.5 percent till December 31.
The combined overseas sales of the five carmakers came to 3,545,734 units in the first half of this year, down 4.2 percent from a year earlier due to weak demand in emerging markets.
By company, Hyundai Motor Co., South Korea's top automaker, said it sold a cumulative 2,393,958 cars at home and abroad during the January-June period, down 0.9 percent from the same period a year earlier.
Hyundai Motor vowed to strengthen its capability to better deal with the changes, noting that the tough market situation could continue to persist and there could be fierce competition among carmakers.
Kia Motors Corp., South Korea's second-largest automaker, said its cumulative sales in local and foreign markets dipped 4.6 percent to 1,458,112 units during the first half of this year.
GM Korea Co., the local unit of US carmaker General Motors Co., said its cumulative sales during the first half of the year came to 307,512 units, down 0.1 percent from the same period a year earlier.
Renault Samsung Motors Co., the local unit of French automaker Renault S.A., said it sold a cumulative 123,930 units at home and abroad during the first half of the year, up 9.7 percent from a year earlier.
Ssangyong Motor Co., the local unit of India's Mahindra & Mahindra Ltd., said its cumulative sales for the January-June period stood at 74,487 units, up 7.1 percent from last year. Ssangyong Motor's strong sales were driven by its popular Tivoli crossover sports utility vehicle and its long-body version Tivoli Air.
The Tivoli models passed the 100,000 mark in cumulative production on June 13, and their cumulative sales also surpassed 100,000 units in June with 104,445 units, comprised of 72,990 units of domestic sales and 31,455 units of export
(Yonhap)
reporter
Park Sae-jin
swatchsjp@ajunews.com
