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| April 1 |
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Hyundai Motor Sees 6.6 Pct Y-o-Y Growth in March Sales |
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- 1Q exports surge by 29.8 percent, offsetting sluggish domestic sales
- March domestic sales up by 1.7 pct m-o-m
- March total sales up 11.3 percent over February
(Seoul, Korea) A strong export performance in March for Hyundai Motor Co. was matched by good news in the domestic market where a protracted slide in sales was finally reversed. Korea's number one automaker saw its domestic sales for March rise by 1.7 percent over February to reach 45,358 units. However, in terms of quarterly performance, Hyundai posted a 29.5 percent y-o-y decline in total domestic sales with 127,405 units sold at home.
But in terms quarterly exports and domestic sales combined, the picture was much brighter as Hyundai posted a 6.6 percent y-o-y gain in the first quarter on sales of 491,188 units worldwide. Jan-Mar exports accounted for 363,783 units of the total, a 29.8 percent improvement over the comparable quarter last year.
Domestic passenger car sales (including RVs and vans) for March continued to be plagued by weak consumer demand, reaching just 29,959 units, or a 4.3 percent m-o-m decline. However, this negative trend was offset by strong sales of commercial vehicles signaling signs of a strengthening domestic economy. Bus and truck sales rose 16 percent m-o-m to reach 15,399 units.
Exports from Hyundai's three Korean factories, including shipments of kit assembly models, reached 105,262 units in March, up 10.1 percent m-o-m while production at overseas plans reached 34,968 units, an increase of 32.1 percent m-o-m.
Record March production levels were set at all three of Hyundai Motor Co.'s overseas manufacturing subsidiaries. Hyundai Motor India's plant in Chennai saw its output grow to 19,197 units with steadily-rising exports accounting for about a quarter of the total. For Beijing Hyundai Motor Co., March was the fifteenth consecutive month of increases as sales reached 8,703 units, up 30 percent over Feb. And in Turkey, Hyundai Asan Otomotive Sanayi posted sales of 7,326 units, up month-on-month by 72 percent.
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Automotive Group which includes Kia Motors Corp. and over two dozen auto-related subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at http://www.hyundai-motor.com |
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