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S. Korean auto production grows 3.8 pct in May
Last Updated(Beijing Time):2012-06-12 14:34

South Korea's automobile production grew 3.8 percent in May from a year earlier due to brisk exports and a rise in domestic sales that stemmed from launch of new models, a government report showed Tuesday.

Auto production by the nation's five carmakers, including Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor, reached 403,593 vehicles in May, up 3.8 percent from the same period of last year, according to the Ministry of Knowledge Economy.

Car exports expanded 3 percent on-year to 270,203 units in May due to recovery of sales in the U.S. market, but the growth slowed compared with the April's 4.1 percent amid growing uncertainties in the European fiscal crisis, the ministry said.

Local auto sales increased 2.9 percent on-year to 133,055 units in May, the first rebound in seven months. Domestic car sales showed minus growth since the fourth quarter of last year due to lack of new models, high oil prices and weak consumer confidence, but the sales turned positive last month due to rollout of popular models, according to the ministry.

Hyundai Motor and Kia Motors, the main affiliates of the world' s No. 5 carmaker Hyundai Motor Group, manufactured automobiles in May that amounted to 172,850 units and 139,665 units respectively, up 7.5 percent and 14.4 percent each from a year before.

Automobiles produced by GM Korea and Ssangyong Motor contracted 7.9 percent and 4.7 percent on-year in May respectively due to weak exports of small carmakers, while auto production by Renault Samsung plunged 40.2 percent over the same period due to weak domestic demand.

Source:Xinhua 
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