This is a 15.6 percent increase over the 4.52 million in 2004 (both figures include sales of vehicles manufactured at overseas plants).
This is on the strength of increasing exports (which rose 19.1 percent to 4.09 million vehicles) and somewhat strong growth of domestic sales (which rose a modest 4.3 percent to 1.13 million, the first year-on-year gain in three years).
The domestic recovery comes after consumer buying went down sharply after rollbacks in Korea's formerly free-wheeling credit industry. Experts expect strong numbers this year, too.
[photo: Though young women at auto shows, like these four in South Africa, no doubt helped boost sales of Korean vehicles worldwide, they don't actually come with the car.]
Hyundai sales were up 11 percent to 2.53 million vehicles. Kia, now a Hyundai affiliate, was up 13.9 percent to 1.27 vehicles. GM Daewoo, the South Korean unit of General Motors, was up a whopping 28.6 percent to rival Kia with sales of 1.16 million vehicles.
Small-fries Ssangyong and Samsung had numbers so low they don't warrant space on my blog. Follow the link for their numbers.
A few months ago, I bought my first Hyundai, an Elantra. I was lured by the price and the 10-yr warranty. I think the warranty is a big seller here in North America; plus, the Elantra and the Sonata have gotten decent reviews. As a native Michiganian with many relatives who worked at Oldmobile, I was reluctant to buy a foreign car, especially a Korean one given Korea's nationalistic domestic car market. In the end, pragmatics won out over state pride.
ReplyDeleteI was reluctant to buy a foreign car, especially a Korean one given Korea's nationalistic domestic car market.
ReplyDeleteFree trade advocates in Korea have won out over car companies beating the drum of nationalism to justify protectionism.
BMWs, Volkswagens, Hondas, and Volvos are much more common on Seoul streets nowadays. American and French brands, though, not so much.
I wrote:
ReplyDeleteBMWs, Volkswagens, Hondas, and Volvos are much more common on Seoul streets nowadays.
Speaking of which, go here if you haven't already.
The joke amoungst my friends was, "A Korean car? Do they even have roads in Korea?" Times are changing.
ReplyDeleteThe times are changing? You mean you hang around with less ignorant friends? ;)
Anyway, your statement there embodies one major, major, major reason why so many Koreans act like over-achievers on a sugar high when it comes to Korea-related achievements. They are tired of being seen as the country of M*A*S*H some fifty years later.
hehe, brand new owner of a 06' Hyundai Sonata V6 GLS with the premium package. I would have gone with the LX but spending nearly $2000 U.S. dollars more for leather seats and heat seaters would have been a waste in Florida. Argh, I could have also done without the defrosters.
ReplyDeleteOne day, one day, the girls will be included.
ReplyDelete