Car’s sales and production in South Korea has registered substantial growth as per the South Korean Ministry of Trade, Industry and Energy of South Korea (MOTIE).
As per the MOTIE report, South Korea’s automobiles production have increased by 44.3% Y-o-Y to 342,624 vehicles, and because of improved consumer sentiments domestic market sales have also gone up by 29.4% to 125,044 vehicles.
During August, 2013 it has been noted that demand for diesel cars have increased because of robust marketing activities and introduction of new models which has fueled the market making domestic market sales jump to 29.0%. Imported car’s sales have also registered around 32.2% growth and despite of having problem in supply the car exports have jumped to 38.9% Y-o-Y.
Production and Sales Figures for August
| Aug-13 | M-o-M Growth | Y-o-Y Growth | First Eight Months | ||
|---|---|---|---|---|---|
| No. of vehicles produced | 342,624 | 2.50% | 44.30% | 2,960,878 (-0.5%) | |
| No. of vehicles sold in the domestic market | 125,044 | -11.10% | 29.40% | 1,017,078 (3.1%) | |
| Domestic Cars | 111,067 | -11.60% | 29.00% | 913,661 (1.1%) | |
| Imported Cars | 13,977 | -6.50% | 32.20% | 103,417 (23.7%) | |
| No. of vehicles Exported | 230,480 | 0.20% | 38.90% | 2,049,743 (-2.7%) |
– Year-on-year growth rates shown in parentheses
– Sources: Korea Automobile Manufacturers Association, Korea Automobile Importers and Distributors Association
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