South Korean August Auto Sales Surge 22.4pct

SEOUL, Sept. 3 Asia Pulse - South Korean vehicle sales in August jumped 22.4 per cent from a year earlier, fueled by strong demand in overseas markets, according to data released by the nation's major automakers Monday.

South Korea's five automakers - Hyundai Motor Co., Kia Motors Corp., GM Daewoo Auto & Technology Co., Renault Samsung Motor Co. and Ssangyong Motor Co. - said they sold a combined 395,424 units last month.

They said exports surged 26.8 per cent year-on-year in August to 296,976 units, while domestic sales grew 10.8 per cent to 98,448 units.

Market leader Hyundai Motor said that it sold 213,159 units last month. Based on the released figures, its market share stood at 51.3 per cent, staying over the 50-percent mark for the sixth consecutive month.

Its domestic sales inched down 0.6 per cent to 50,995 units, while exports jumped 9.3 per cent to 162,164 units, the company said.

Hyundai's affiliate Kia Motors posted a 73.8 per cent sales growth in August, selling a total of 95,956 units.

GM Daewoo, the South Korean unit of General Motors Corp., said its vehicle sales rose 16.4 per cent from a year earlier to 60,781 units.

Renault Samsung, controlled by French automaker Renault SA, reported that it sold 14,707 units last month, marking an on-year increase of 9.3 per cent, while Ssangyong, owned by China's Shanghai Automotive Industry Corp., said sales more than quadrupled to 11,421 units.