Auto sales in South Korea are expected to grow 4.1 percent in the second-half of this year, aided by the government's stimulus packages and some encouraging signs that the economy is stabilizing, a report said Sunday.
The Korea Automotive Research Institute, a research unit of Hyundai Motor Co., predicted domestic auto sales to total 590,000 units in the July-December period, compared with some 567,000 units sold in the same period last year.
"Domestic auto sales may recover in the second half, helped by the government's support packages and introductions of new models," the institute said in a report.
Auto exports in the second half are likely to fall 8.3 percent from a year ago however to 1.15 million units, as the global economic slump continues to dampen demand, it said.
In the first six months of this year, South Korean automakers sold 2.4 million units at home and overseas, down 15.1 percent from a year ago.
Domestic sales rose 0.2 percent to 616,008 units, while exports dropped 19.4 percent to 1.78 million units, according to data released by the nation's five carmakers.
Meanwhile, Hyundai and its affiliate Kia Motors Corp. saw their combined overseas production rise 8.9 percent to a record 823,005 units in the first-quarter of this year.
Hyundai and Kia have aggressively pushed to build overseas plants to avoid labor strikes at home and losses from currency fluctuations.
Hyundai has plants in the United States, China, India, Turkey and the Czech Republic. Kia has plants in China and Slovakia.
Gasgoo: auto parts source
