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S.Korea's local car sales rise in April on consumption tax cuts

Xinhua, May 2, 2016 Adjust font size:

Domestic car sales by South Korea's five automakers increased last month on the back of consumption tax cuts, while exports reduced on weak demand from emerging markets, industry data showed on Monday.

Global auto sales by Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong reached 740,036 units in April, down 7.2 percent from the same month of last year.

Car sales in the domestic market increased 4.2 percent over a year earlier to 139,617 units in April thanks to an extended consumption tax cut and demand for newly released models.

Hyundai Motor, South Korea's No.1 auto manufacturer, saw its local car sales fall 5.7 percent, but sales by Hyundai's affiliate Kia Motors jumped 12.7 percent. GM Korea, Renault Samsung and Ssangyong posted a double-digit increase in domestic car sales last month.

Car exports declined 9.5 percent from a year ago to 600,419 units in April due to soft demand from emerging economies caused by economic slowdown especially in Russia and China.

Hyundai's auto exports reduced 5.5 percent, and Kia's shipments tumbled 15.9 percent. Those by GM Korea, Renault Samsung and Ssangyong slumped 8.6 percent, 17.9 percent and 1.6 percent each. Endit